<SEC-DOCUMENT>0001387131-20-004866.txt : 20200515
<SEC-HEADER>0001387131-20-004866.hdr.sgml : 20200515
<ACCEPTANCE-DATETIME>20200515130419
ACCESSION NUMBER:		0001387131-20-004866
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		69
CONFORMED PERIOD OF REPORT:	20200331
FILED AS OF DATE:		20200515
DATE AS OF CHANGE:		20200515

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:		20883077

	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>arl-10q_033120.htm
<DESCRIPTION>QUARTERLY REPORT
<TEXT>
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        <font style="font-family: Times New Roman, Times, Serif; font-size: 14pt;">UNITED STATES</font>
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        <font style="font-family: Times New Roman, Times, Serif; font-size: 14pt;">SECURITIES AND EXCHANGE COMMISSION&nbsp;</font>
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        <font style="font-family: Times New Roman, Times, Serif; font-size: 12pt;">WASHINGTON, D.C. 20549</font>
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        <font style="font-family: Times New Roman, Times, Serif; font-size: 18pt;"><b>FORM 10-Q</b></font>
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                <p id="p00010" style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 12pt;"><b>QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></font>
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    <p id="p00011" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">For the quarterly period ended March 31, 2020</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p id="p00013" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">or</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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                    <font style="font-family: Times New Roman, Times, Serif; font-size: 12pt;"><b>&#x2610;</b></font>
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                <p id="p00016" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 12pt;"><b>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></font>
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    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p id="p00017" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">For the transition period from ______ to ______</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p id="p00019" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">Commission File Number 001-15663</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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    <p id="p00021" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
        <font style="font-family: Times New Roman, Times, Serif; font-size: 24pt;"><b>AMERICAN REALTY INVESTORS, INC.</b></font>
    </p>
    <p id="p00023" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">(Exact Name of Registrant as Specified in Its Charter)</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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                <p id="p00025" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>Nevada</b></p>
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            <td style="padding: 0pt; width: 50%; vertical-align: top;">
                <p id="p00026" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>75-2847135</b></p>
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                <p id="p00027" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">(State or Other Jurisdiction of</p>
                <p id="p00029" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">Incorporation or Organization)</p>
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            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00031" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">(I.R.S. Employer</p>
                <p id="p00033" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">Identification No.)</p>
            </td>
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    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p id="p00036" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>1603 Lyndon B. Johnson Freeway, Suite 800, Dallas, Texas 75234</b></p>
    <p id="p00038" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">(Address of principal executive offices) (Zip Code)</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p id="p00040" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>(469) 522-4200</b></p>
    <p id="p00042" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;(Registrant&#x2019;s telephone number, including area code)</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p id="p00044" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Securities registered pursuant to Section 12(b) of the Exchange Act:</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <table style="width: 100%; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0">
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                <p id="p00046" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>Title of each class</b></p>
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            <td style="border-bottom: Black 1pt solid; border-right: Black 1pt solid; border-top: Black 1pt solid; padding: 0pt; width: 20%; vertical-align: top;">
                <p id="p00047" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>Trading Symbol(s)</b></p>
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            <td style="border-bottom: Black 1pt solid; border-right: Black 1pt solid; border-top: Black 1pt solid; padding: 0pt; width: 40%; vertical-align: top;">
                <p id="p00048" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>Name of each exchange on which registered</b></p>
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                <p id="p00049" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">Common Stock</p>
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            <td style="border-bottom: black 1pt solid; border-right: black 1pt solid; padding: 0pt; vertical-align: top;">
                <p id="p00050" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">ARL</p>
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            <td style="border-bottom: black 1pt solid; border-right: black 1pt solid; padding: 0pt; vertical-align: top;">
                <p id="p00051" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">NYSE</p>
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    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p id="p00052" style="margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 18.0pt; font: 10pt Times New Roman, Times, Serif;">Indicate by check mark whether the registrant (1) has 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 the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. &#x2612;&nbsp;Yes &#x2610;&nbsp;No</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p id="p00054" style="margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 18.0pt; font: 10pt Times New Roman, Times, Serif;">Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files) &#x2612;&nbsp;Yes &#x2610;&nbsp;No.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p id="p00059" style="margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 18.0pt; 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;&nbsp;and &#x201C;smaller reporting company&#x201D; in Rule 12b-2 of the Exchange Act:</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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            <td style="padding: 0pt; width: 61%; vertical-align: top;">
                <p id="p00061" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Large&nbsp;accelerated&nbsp;filer &#x2610;</p>
            </td>
            <td style="padding: 0pt; width: 21%; vertical-align: bottom;">
                <p id="p00062" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Accelerated&nbsp;filer</p>
            </td>
            <td style="padding: 0pt; width: 18%; vertical-align: bottom;">
                <p id="p00063" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&#x2610;</p>
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                <p id="p00064" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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                <p id="p00065" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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            <td style="padding: 0pt;">
                <p id="p00066" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00067" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Non-accelerated&nbsp;filer &nbsp;&nbsp;&#x2610;</p>
            </td>
            <td style="padding: 0pt; vertical-align: bottom; white-space: nowrap;">
                <p id="p00068" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Smaller&nbsp;reporting&nbsp;company</p>
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            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00069" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&#x2612;</p>
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                <p id="p00070" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00071" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00072" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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                <p id="p00073" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Emerging growth company &#x2610;</p>
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            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00074" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00075" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p id="p00076" style="margin: 0pt 0pt 0pt 0pt; text-indent: 18.0pt; 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). &#x2610;&nbsp;Yes &#x2612; No.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p id="p00078" style="margin: 0pt 0pt 0pt 0pt; text-indent: 18.0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <table style="width: 100%; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0" width="100%">
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            <td style="padding: 0pt 0pt 0pt 0pt; width: 48%;" valign="top">
                <p id="p00080" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>Common Stock, $.01 par value</b></p>
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            <td style="padding: 0pt 0pt 0pt 0pt; width: 52%;" valign="top">
                <p id="p00081" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>15,997,076</b></p>
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            <td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
                <p id="p00082" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">(Class)</p>
            </td>
            <td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
                <p id="p00083" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">(Outstanding at May 15, 2020)</p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&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>
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        <p style="margin: 0pt">&nbsp;</p>
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    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p id="p00084" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>AMERICAN REALTY INVESTORS, INC.&nbsp;</b></p>
    <p id="p00086" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>FORM 10-Q</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p id="p00088" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>TABLE OF CONTENTS</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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                <p id="p00090" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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                <p id="p00091" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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            <td style="border-bottom: Black 1pt solid; padding: 0pt;">
                <p id="p00092" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>PAGE</b></p>
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            <td style="padding: 0pt 0pt 0pt 0pt;" colspan="2" valign="bottom">
                <p id="p00093" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b><a href="#arls10q033120a001">PART I. FINANCIAL INFORMATION</a></b></p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00094" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00095" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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                <p id="p00096" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt; width: 86%;">
                <p id="p00097" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt; width: 1%; vertical-align: top;">
                <p id="p00098" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt; width: 3%;">
                <p id="p00099" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00100" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><a href="#arls10q033120a002">Item 1.</a></p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00101" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><a href="#arls10q033120a002">Financial Statements</a></p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00102" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00103" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">3</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt;">
                <p id="p00104" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00105" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00106" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00107" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt;">
                <p id="p00108" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00109" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><a href="#arls10q033120a003">Consolidated Balance Sheets at March 31, 2020 (unaudited) and December 31, 2019</a></p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00110" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00111" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">3</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt;">
                <p id="p00112" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00113" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00114" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00115" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt;">
                <p id="p00116" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00117" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><a href="#arls10q033120a004">Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019 (unaudited)</a></p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00118" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00119" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">4</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt;">
                <p id="p00120" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00121" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00122" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00123" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt;">
                <p id="p00124" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00125" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><a href="#arls10q033120a005">Consolidated Statement of Shareholders&#x2019; Equity for the three months ended March 31, 2020 and 2019 (unaudited)</a></p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00126" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00127" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">5</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt;">
                <p id="p00128" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00129" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00130" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00131" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt;">
                <p id="p00132" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00133" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><a href="#arls10q033120a006">Consolidated Statements of Comprehensive Income for the three months ended March 31, 2020 and 2019 (unaudited)</a></p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00134" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00135" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">6</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt;">
                <p id="p00136" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00137" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00138" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00139" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt;">
                <p id="p00140" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00141" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><a href="#arls10q033120a007">Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019 (unaudited)</a></p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00142" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00143" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">7</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt;">
                <p id="p00144" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00145" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00146" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00147" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt;">
                <p id="p00148" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00149" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><a href="#arls10q033120a008">Notes to Consolidated Financial Statements</a></p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00150" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00151" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">8</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt;">
                <p id="p00152" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00153" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00154" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00155" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt;">
                <p id="p00156" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><a href="#arls10q033120a009">Item 2.</a></p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00157" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><a href="#arls10q033120a009">Management&#x2019;s Discussion and Analysis of Financial Condition and Results of Operations</a></p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00158" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00159" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">24</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt;">
                <p id="p00160" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00161" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00162" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00163" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00164" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><a href="#arls10q033120a010">Item 3.</a></p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00165" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><a href="#arls10q033120a010">Quantitative and Qualitative Disclosures About Market Risks</a></p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00166" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00167" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">33</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt;">
                <p id="p00168" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00169" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00170" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00171" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00172" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><a href="#arls10q033120a011">Item 4.</a></p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00173" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><a href="#arls10q033120a011">Controls and Procedures</a></p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00174" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00175" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">33</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 0pt 0pt 0pt;" colspan="2" valign="bottom">
                <p id="p00176" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00177" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00178" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 0pt 0pt 0pt;" colspan="2" valign="bottom">
                <p id="p00179" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b><a href="#arls10q033120a012">PART II. OTHER INFORMATION</a></b></p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00180" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00181" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00182" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00183" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00184" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00185" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00186" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><a href="#arls10q033120a013">Item 2.</a></p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00187" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><a href="#arls10q033120a013">Unregistered Sales of Equity Securities and Use of Proceeds</a></p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00188" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00189" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">34</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt;">
                <p id="p00190" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00191" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00192" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00193" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00194" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><a href="#arls10q033120a014">Item 6.</a></p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00195" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><a href="#arls10q033120a014">Exhibits</a></p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00196" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt;">
                <p id="p00197" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">37</p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2-->
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        <p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">
        <p style="margin: 0pt">&nbsp;</p>
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    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p id="p00205" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><a name="arls10q033120a001"></a>PART I. FINANCIAL INFORMATION</b></p>
    <p id="p00207" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><a name="arls10q033120a002"></a>ITEM 1. &nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p id="p00209" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>AMERICAN REALTY INVESTORS, INC.</b></p>
    <p id="p00211" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><a name="arls10q033120a003"></a>CONSOLIDATED BALANCE SHEETS&nbsp;</b></p>
    <table style="width: 100%; border-collapse: collapse;" cellpadding="0" cellspacing="0">
        <tr style="vertical-align: bottom;">
            <td style="padding-left: 0.125in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;" colspan="2">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;" colspan="2">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="vertical-align: bottom;">
            <td style="padding-left: 0.125in; text-align: center; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif;" colspan="2">March 31, 2020</td>
            <td style="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif;" colspan="2">December 31, 2019</td>
            <td style="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="vertical-align: bottom;">
            <td style="padding-left: 0.125in; text-align: center; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif;" colspan="2">(Unaudited)</td>
            <td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif;" colspan="2">(Audited)</td>
            <td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="vertical-align: bottom;">
            <td style="padding-left: 0.125in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif;" colspan="6">(dollars in thousands, except share
                <br> and par value amounts)</td>
            <td style="font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="vertical-align: bottom;">
            <td style="padding-left: 0.125in; text-align: center; text-indent: -0.125in; font: bold 10pt Times New Roman, Times, Serif;">Assets</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;" colspan="2">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;" colspan="2">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="padding-left: 0.125in; width: 70%; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Real estate, at cost</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: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif;">482,834</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: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif;">469,997</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="padding-left: 0.125in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Real estate subject to sales contracts at cost</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;">6,887</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;">7,966</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; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Less accumulated depreciation</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;">(93,144</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;">(90,173</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: 0.375in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Total real estate</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;">396,577</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;">387,790</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-indent: -0.125in; 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;">&nbsp;</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;">&nbsp;</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; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Notes and interest receivable (including $106,148 in 2020 and $105,524 in 2019 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;">170,918</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;">169,299</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; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Less allowance for estimated losses (including $12,557 and $13,099 in 2020 and 2019 from related parties)</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;">(12,557</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;">(13,099</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: 0.375in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Total notes and interest receivable</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;">158,361</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;">156,200</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-indent: -0.125in; 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;">&nbsp;</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;">&nbsp;</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; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Cash and cash equivalents</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;">39,946</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;">51,228</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; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Restricted cash</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;">28,158</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;">32,083</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; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Investment in VAA</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;">53,508</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;">59,148</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; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Investment in other unconsolidated 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;">8,623</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;">8,507</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; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Receivable from 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;">78,779</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;">85,996</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; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Other assets</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;">51,119</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;">49,689</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: 0.375in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Total assets</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;">815,071</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;">830,641</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="padding-left: 0.125in; text-indent: -0.125in; 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;">&nbsp;</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;">&nbsp;</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: center; text-indent: -0.125in; font: bold 10pt Times New Roman, Times, Serif;">Liabilities and Shareholders&#x2019; Equity</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;">&nbsp;</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;">&nbsp;</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-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Liabilities:</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;">&nbsp;</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;">&nbsp;</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: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Notes and interest payable</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;">260,969</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;">254,873</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: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Bond and interest payable</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;">207,832</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;">229,722</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: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Deferred revenue (including $24,762 in 2020 and 2019 to 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;">24,762</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;">24,762</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; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Accounts payable and other liabilities (including $12,069 in 2020 and $11,817 in 2019 to related parties)</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;">20,604</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;">24,768</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: 0.375in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Total liabilities</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;">514,167</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;">534,125</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-indent: -0.125in; 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;">&nbsp;</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;">&nbsp;</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; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Shareholders&#x2019; equity:</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;">&nbsp;</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;">&nbsp;</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: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Preferred stock, Series A: $2.00 par value, authorized 15,000,000 shares, issued 614 and outstanding 1,800,614 in 2020 and 2019 (liquidation preference $10 per share), including 1,800,000 shares held by ARL and its subsidiaries in 2020 and 2019.</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</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</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: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Common stock, $0.01 par value, 100,000,000 shares authorized; 16,412,861 shares issued and 15,997,076 outstanding as of 2020 and 2019, including 140,000 shares held by TCI (consolidated) in 2020 and 2019.</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;">164</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;">164</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: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Treasury stock at cost; 415,785 shares in 2020 and 2019, and 140,000 shares held by TCI (consolidated) as of 2020 and 2019.</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;">(6,395</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;">(6,395</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Paid-in capital</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;">82,017</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;">82,017</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; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Retained earnings</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;">166,654</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;">163,708</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: 0.375in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Total American Realty Investors, Inc. shareholders&#x2019; equity</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;">242,445</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;">239,499</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; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">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;">58,459</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;">57,017</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: 1pt; padding-left: 0.375in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Total shareholders&#x2019; equity</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;">300,904</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;">296,516</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: 0.375in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Total liabilities and shareholders&#x2019; equity</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;">815,071</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;">830,641</td>
            <td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p id="p00419" style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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        </p>
    </div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">
        <p style="margin: 0pt">&nbsp;</p>
    </div>
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    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p id="p00424" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>AMERICAN REALTY INVESTORS, INC.</b>&nbsp;</p>
    <p id="p00426" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><a name="arls10q033120a004"></a>CONSOLIDATED STATEMENTS OF OPERATIONS</b>&nbsp;</p>
    <p id="p00428" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>(Unaudited)</b></p>
    <table style="width: 100%; border-collapse: collapse;" cellpadding="0" cellspacing="0">
        <tr>
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00430" style="margin: 0pt 0pt 0pt 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td colspan="2" valign="bottom">
                <p id="p00432" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt; vertical-align: bottom;" colspan="2">
                <p id="p00433" style="margin: 0pt 0pt 0pt 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00434" style="margin: 0pt 0pt 0pt 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" colspan="6" valign="bottom">
                <p id="p00436" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>For the Three Months Ended March 31,</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt; vertical-align: top; text-align: center;">
                <p id="p00437" style="margin-bottom: 0pt; margin-left: 0.25in; margin-top: 0pt; text-align: center; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="text-align: center;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
                <p id="p00439" style="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>2020</b></p>
            </td>
            <td style="vertical-align: bottom; text-align: center;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="text-align: center;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; padding: 0pt; text-align: center;" colspan="2">
                <p id="p00441" style="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>2019</b></p>
            </td>
            <td style="vertical-align: bottom; text-align: center;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt; vertical-align: top;">
                <p id="p00442" style="margin: 0pt 0pt 0pt 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="6">
                <p id="p00444" style="margin: 0pt; font: 10pt Times New Roman, Times, Serif;"><b>(dollars in&nbsp;thousands,&nbsp;except&nbsp;per&nbsp;share&nbsp;amounts)</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt; width: 66%; vertical-align: bottom;">
                <p id="p00447" style="margin: 0pt 0pt 0pt 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;"><b>Revenues: </b></p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 14%; vertical-align: bottom;">&nbsp;</td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 14%; vertical-align: bottom;">
                <p id="p00451" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00452" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Rental and other property revenues (including $221 and $113 for the three months ended 2020 and 2019, respectively, from related parties)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00454" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">11,918</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00456" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">11,929</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00457" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00459" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00461" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00462" style="margin: 0pt 0pt 0pt 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;"><b>Expenses:</b></p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00464" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00466" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00467" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Property operating expenses (including $242 and $257 for the three months ended 2020 and 2019, respectively, from related parties)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00469" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">6,310</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00471" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">5,997</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00472" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Depreciation and amortization</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00474" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">3,394</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00476" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">3,109</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00477" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">General and administrative (including $1,133 and $1,597 for the three months ended 2020 and 2019, respectively, from related parties)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00479" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">2,795</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00481" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">2,480</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00482" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Franchise taxes and other expenses</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00484" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">1,496</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00486" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">125</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00487" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net income fee to related party</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00489" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">86</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00491" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">100</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00492" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Advisory fee to related party</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00494" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">2,287</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00496" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">1,853</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt;">
                <p id="p00497" style="margin: 0pt 0pt 0pt 0.375in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Total operating expenses</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; border-top: black 1pt solid; vertical-align: bottom;">
                <p id="p00499" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">16,368</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; border-top: black 1pt solid; vertical-align: bottom;">
                <p id="p00501" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">13,664</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00502" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net operating loss</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00504" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(4,450</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00506" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(1,735</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt; vertical-align: bottom;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom;">&nbsp;</td>
            <td style="vertical-align: bottom;">&nbsp;</td>
            <td style="vertical-align: bottom;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom;">&nbsp;</td>
            <td style="vertical-align: bottom;">&nbsp;</td>
            <td style="vertical-align: bottom;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00507" style="margin: 0pt 0pt 0pt 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;"><b>Other income (expenses):</b></p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00509" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00511" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt; vertical-align: bottom;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom;">&nbsp;</td>
            <td style="vertical-align: bottom;">&nbsp;</td>
            <td style="vertical-align: bottom;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom;">&nbsp;</td>
            <td style="vertical-align: bottom;">&nbsp;</td>
            <td style="vertical-align: bottom;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00512" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Interest income (including $5,031 and $5,881 for the three months ended 2020 and 2019, respectively, from related parties)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00514" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">5,754</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00516" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">6,153</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00517" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Other income</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00519" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">1,212</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00521" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">3,667</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00522" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Mortgage and loan interest (including $1,915 and $2,307 for the three months ended 2020 and 2019, respectively, from related parties)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00524" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(9,602</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00526" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(9,968</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00527" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Foreign currency transaction (loss) gain</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00529" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">7,843</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00531" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(5,818</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt;">
                <p id="p00532" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Loss on extinguishment of debt</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00534" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00536" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00537" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Equity loss from VAA</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00539" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(376</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00541" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(1,055</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 0pt 1pt; vertical-align: bottom;">
                <p id="p00542" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Earnings from unconsolidated subsidiaries and investees</p>
            </td>
            <td style="padding-bottom: 1pt;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p id="p00544" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">116</p>
            </td>
            <td style="padding-bottom: 1pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding-bottom: 1pt;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p id="p00546" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">58</p>
            </td>
            <td style="padding-bottom: 1pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt;">
                <p id="p00547" style="margin: 0pt 0pt 0pt 0.375in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Total other income (expenses)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p id="p00549" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">4,947</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p id="p00551" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(6,963</p>
            </td>
            <td style="padding-bottom: 1pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00552" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Income (loss) before gain on land sales, non-controlling interest, and taxes</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00554" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">497</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00556" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(8,698</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00557" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Gain on land sales</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p id="p00559" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">4,138</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p id="p00561" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">2,216</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00562" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net income (loss) from continuing operations before taxes</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00564" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">4,635</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00566" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(6,482</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt;">
                <p id="p00567" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">State inncome tax expense</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00569" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(247</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00571" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt;">
                <p id="p00572" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net income (loss) from continuing operations</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-top: black 1pt solid; vertical-align: bottom;">
                <p id="p00574" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">4,388</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-top: black 1pt solid; vertical-align: bottom;">
                <p id="p00576" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(6,482</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00577" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net income (loss)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00579" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">4,388</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00581" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(6,482</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00582" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net (income) loss attributable to non-controlling interest</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p id="p00584" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(1,442</p>
            </td>
            <td style="padding-bottom: 1pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p id="p00586" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">335</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt 0pt 1pt; vertical-align: bottom;">
                <p id="p00587" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net income (loss) attributable to American Realty Investors, Inc.</p>
            </td>
            <td style="padding-bottom: 1pt;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p id="p00589" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">2,946</p>
            </td>
            <td style="padding-bottom: 1pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding-bottom: 1pt;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p id="p00591" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(6,147</p>
            </td>
            <td style="padding-bottom: 1pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt;">
                <p id="p00592" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net income (loss) applicable to common shares</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2.5pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2.5pt double; vertical-align: bottom;">
                <p id="p00594" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">2,946</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2.5pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2.5pt double; vertical-align: bottom;">
                <p id="p00596" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(6,147</p>
            </td>
            <td style="padding-bottom: 1pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt; vertical-align: bottom;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom;">&nbsp;</td>
            <td style="vertical-align: bottom;">&nbsp;</td>
            <td style="vertical-align: bottom;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom;">&nbsp;</td>
            <td style="vertical-align: bottom;">&nbsp;</td>
            <td style="vertical-align: bottom;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00597" style="margin: 0pt 0pt 0pt 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;"><b>(Loss) earnings per share - basic</b></p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00599" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00601" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00602" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net income (loss) from continuing operations</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p id="p00604" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">0.27</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p id="p00606" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(0.41</p>
            </td>
            <td style="padding-bottom: 1pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt;">
                <p id="p00607" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net income (loss) applicable to common shares</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2.5pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2.5pt double; vertical-align: bottom;">
                <p id="p00609" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">0.18</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2.5pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2.5pt double; vertical-align: bottom;">
                <p id="p00611" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(0.38</p>
            </td>
            <td style="padding-bottom: 1pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt;">
                <p id="p00612" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00614" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00616" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00617" style="margin: 0pt 0pt 0pt 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;"><b>(Loss) earnings per share - diluted</b></p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00619" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00621" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00622" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net income (loss) from continuing operations</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2.5pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2.5pt double; vertical-align: bottom;">
                <p id="p00624" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">0.27</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2.5pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2.5pt double; vertical-align: bottom;">
                <p id="p00626" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(0.41</p>
            </td>
            <td style="padding-bottom: 1pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt;">
                <p id="p00627" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net income (loss) applicable to common shares</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2.5pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2.5pt double; vertical-align: bottom;">
                <p id="p00629" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">0.18</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2.5pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2.5pt double; vertical-align: bottom;">
                <p id="p00631" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(0.38</p>
            </td>
            <td style="padding-bottom: 1pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt;">
                <p id="p00632" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00634" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00636" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt;">
                <p id="p00637" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Weighted average common shares used in computing earnings per share</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00639" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">15,997,076</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00641" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">15,997,076</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt;">
                <p id="p00642" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Weighted average common shares used in computing diluted earnings per share</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00644" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">15,997,076</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00646" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">15,997,076</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt;">
                <p id="p00647" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00649" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00651" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00652" style="margin: 0pt 0pt 0pt 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;"><b>Amounts attributable to American Realty Investors, Inc.</b></p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;"></td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;"></td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00657" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net income (loss) from continuing operations</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00659" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">4,388</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00661" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(6,482</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00662" style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net income (loss) applicable to American Realty Investors, Inc.</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2.5pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2.5pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p id="p00664" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">2,946</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2.5pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2.5pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p id="p00666" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(6,147</p>
            </td>
            <td style="padding-bottom: 1pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p id="p00671" style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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        <p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
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        </p>
    </div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">
        <p style="margin: 0pt">&nbsp;</p>
    </div>
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    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p id="p00673" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>AMERICAN REALTY INVESTORS, INC.</b>&nbsp;</p>
    <p id="p00675" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><a name="arls10q033120a005"></a>CONSOLIDATED STATEMENT OF SHAREHOLDERS&#x2019; EQUITY</b>&nbsp;</p>
    <p id="p00677" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>For the Three Months Ended March 31, 2020 and 2019</b></p>
    <p id="p00679" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>(Unaudited, dollars in thousands, except share amounts)</b></p>
    <p style="margin: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>&nbsp;</b></p>
    <table style="width: 100%; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0">
        <tr>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;">
                <p id="p00691" style="margin: 0pt 0pt 0pt 0.125in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="vertical-align: bottom;" colspan="2">
                <p id="p00692" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;"><b>Total </b></font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="2">
                <p id="p00693" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;"><b>Comprehensive</b></font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="2">
                <p id="p00694" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;"><b>Preferred</b></font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: black 1pt solid; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="6">
                <p id="p00695" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;"><b>Common Stock</b></font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="2">
                <p id="p00696" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;"><b>Treasury</b></font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="2">
                <p id="p00697" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;"><b>Paid-in</b></font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="2">
                <p id="p00698" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;"><b>Retained</b></font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="2">
                <p id="p00699" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;"><b>Non-controlling</b></font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
        </tr>
        <tr>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;">
                <p id="p00700" style="margin: 0pt 0pt 0pt 0.125in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;" colspan="2">
                <p id="p00701" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;"><b>Equity</b></font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="2">
                <p id="p00702" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;"><b>Income (Loss)</b></font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="2">
                <p id="p00703" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;"><b>Stock</b></font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="2">
                <p id="p00704" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;"><b>Shares</b></font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="2">
                <p id="p00705" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;"><b>Amount</b></font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="2">
                <p id="p00706" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;"><b>Stock</b></font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="2">
                <p id="p00707" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;"><b>Capital</b></font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="2">
                <p id="p00708" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;"><b>Earnings</b></font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="2">
                <p id="p00709" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;"><b>Interest</b></font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: top;">
                <p id="p00710" style="margin: 0pt 0pt 0pt 0.125in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;"><b>Balance, December 31, 2019</b></font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="text-align: left;">
                <p id="p00711" style="margin: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">$</font>
                </p>
            </td>
            <td>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">296,516</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; text-align: left;">
                <p id="p00712" style="margin: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">90,128</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; text-align: left;">
                <p id="p00713" style="margin: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">5</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; text-align: left;">
                <p id="p00714" style="margin: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">16,412,861</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; text-align: left;">
                <p id="p00715" style="margin: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">164</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; text-align: left;">
                <p id="p00716" style="margin: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">(6,395)</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; text-align: left;">
                <p id="p00717" style="margin: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">82,017</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; text-align: left;">
                <p id="p00718" style="margin: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">163,708</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; text-align: left;">
                <p id="p00719" style="margin: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">57,017</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; width: 15%;">
                <p id="p00720" style="margin: 0pt 0pt 0pt 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">Net income</font>
                </p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom; text-align: left;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 6%; vertical-align: bottom;">
                <p id="p00721" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">4,388</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom; text-align: left;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 8%; vertical-align: bottom;">
                <p id="p00722" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">2,946</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom; text-align: left;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 6%; vertical-align: bottom;">
                <p id="p00723" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&#x2014;</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom; text-align: left;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 6%; vertical-align: bottom;">
                <p id="p00724" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&#x2014;</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom; text-align: left;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 6%; vertical-align: bottom;">
                <p id="p00725" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&#x2014;</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom; text-align: left;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 6%; vertical-align: bottom;">
                <p id="p00726" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&#x2014;</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom; text-align: left;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 6%; vertical-align: bottom;">
                <p id="p00727" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&#x2014;</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom; text-align: left;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 6%; vertical-align: bottom;">
                <p id="p00728" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">2,946</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom; text-align: left;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 8%; vertical-align: bottom;">
                <p id="p00729" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">1,442</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt;">
                <p id="p00730" style="margin: 0pt 0pt 0pt 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;"><b>Balance, March 31, 2020</b></font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid; vertical-align: bottom; text-align: left;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid; vertical-align: bottom;">
                <p id="p00731" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">300,904</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid; vertical-align: bottom; text-align: left;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid; vertical-align: bottom;">
                <p id="p00732" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">93,074</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid; vertical-align: bottom; text-align: left;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid; vertical-align: bottom;">
                <p id="p00733" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">5</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid; vertical-align: bottom; text-align: left;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid; vertical-align: bottom;">
                <p id="p00734" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">16,412,861</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid; vertical-align: bottom; text-align: left;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid; vertical-align: bottom;">
                <p id="p00735" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">164</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid; vertical-align: bottom; text-align: left;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid; vertical-align: bottom;">
                <p id="p00736" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">(6,395</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">)</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid; vertical-align: bottom; text-align: left;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid; vertical-align: bottom;">
                <p id="p00737" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">82,017</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid; vertical-align: bottom; text-align: left;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid; vertical-align: bottom;">
                <p id="p00738" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">166,654</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid; vertical-align: bottom; text-align: left;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; border-top: Black 1pt solid; vertical-align: bottom;">
                <p id="p00739" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">58,459</font>
                </p>
            </td>
            <td style="border-bottom: Black 2.5pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
        </tr>
    </table>
    <p style="margin: 0;">&nbsp;</p>
    <table style="width: 100%; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0">
        <tr>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0.125in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="vertical-align: bottom;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;"><b>Total </b></font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;"><b>Comprehensive</b></font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;"><b>Preferred</b></font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: black 1pt solid; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="6">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;"><b>Common Stock</b></font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;"><b>Treasury</b></font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;"><b>Paid-in</b></font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;"><b>Retained</b></font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;"><b>Non-controlling</b></font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
        </tr>
        <tr>
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0.125in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;"><b>Equity</b></font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;"><b>Income (Loss)</b></font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;"><b>Stock</b></font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;"><b>Shares</b></font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;"><b>Amount</b></font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;"><b>Stock</b></font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;"><b>Capital</b></font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;"><b>Earnings</b></font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;"><b>Interest</b></font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; width: 15%; vertical-align: bottom;">
                <p id="p00789" style="margin: 0pt 0pt 0pt 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;"><b>Balance, December 31, 2018</b></font>
                </p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="width: 6%; vertical-align: bottom;">
                <p id="p00790" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">321,127</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="width: 8%; vertical-align: bottom;">
                <p id="p00791" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">106,086</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="width: 6%; vertical-align: bottom;">
                <p id="p00792" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">5</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="width: 6%; vertical-align: bottom;">
                <p id="p00793" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">16,412,861</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="width: 6%; vertical-align: bottom;">
                <p id="p00794" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">164</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="width: 6%; vertical-align: bottom;">
                <p id="p00795" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">(6,395</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">)</font>
                </p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="width: 6%; vertical-align: bottom;">
                <p id="p00796" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">84,885</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="width: 6%; vertical-align: bottom;">
                <p id="p00797" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">179,666</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="width: 8%; vertical-align: bottom;">
                <p id="p00798" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">62,802</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;">
                <p id="p00799" style="margin: 0pt 0pt 0pt 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">Net loss</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00800" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">(6,482</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">)</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00801" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">(6,147</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">)</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00802" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&#x2014;</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00803" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&#x2014;</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00804" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&#x2014;</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00805" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&#x2014;</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00806" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&#x2014;</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00807" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">(6,147</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">)</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00808" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">(335</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">)</font>
                </p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom;">
                <p id="p00809" style="margin: 0pt 0pt 0pt 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">Distribution to equity partner</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p id="p00810" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">(67</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">)</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p id="p00811" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&#x2014;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p id="p00812" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&#x2014;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p id="p00813" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&#x2014;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p id="p00814" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&#x2014;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p id="p00815" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&#x2014;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p id="p00816" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">(67</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">)</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p id="p00817" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&#x2014;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p id="p00818" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&#x2014;</font>
                </p>
            </td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
        </tr>
        <tr style="background-color: white;">
            <td style="padding-left: 0pt; padding-right: 0pt; padding-top: 0pt;">
                <p id="p00819" style="margin: 0pt 0pt 0pt 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;"><b>Balance, March 31, 2019</b></font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; vertical-align: bottom;">
                <p id="p00820" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">314,578</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; vertical-align: bottom;">
                <p id="p00821" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">99,939</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; vertical-align: bottom;">
                <p id="p00822" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">5</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; vertical-align: bottom;">
                <p id="p00823" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">16,412,861</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; vertical-align: bottom;">
                <p id="p00824" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">164</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; vertical-align: bottom;">
                <p id="p00825" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">(6,395</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">)</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; vertical-align: bottom;">
                <p id="p00826" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">84,818</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; vertical-align: bottom;">
                <p id="p00827" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">173,519</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">$</font>
                </p>
            </td>
            <td style="border-bottom: Black 2pt double; vertical-align: bottom;">
                <p id="p00828" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">62,467</font>
                </p>
            </td>
            <td style="border-bottom: Black 2.5pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 8pt;">&nbsp;</font>
                </p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p id="p00829" style="margin-bottom: 0pt; margin-top: 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <!-- Field: Page; Sequence: 5; Value: 2-->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">
        <p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
            <!-- Field: Sequence; Type: Arabic; Name: PageNo-->5
            <!-- Field: /Sequence -->
        </p>
    </div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">
        <p style="margin: 0pt">&nbsp;</p>
    </div>
    <!-- Field: /Page -->
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p id="p00834" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>AMERICAN REALTY INVESTORS, INC.</b>&nbsp;</p>
    <p id="p00836" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><a name="arls10q033120a006"></a>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</b>&nbsp;</p>
    <p id="p00838" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>(Unaudited)</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <table style="width: 100%; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0">
        <tr>
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00840" style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" colspan="6" valign="bottom">
                <p id="p00841" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>For the Three Months Ended March 31,</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00843" style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center;" colspan="2">
                <p id="p00844" style="margin: 0pt; font: 10pt Times New Roman, Times, Serif;"><b>2020</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; padding: 0pt; vertical-align: bottom; text-align: center;" colspan="2">
                <p id="p00846" style="margin: 0pt; font: 10pt Times New Roman, Times, Serif;"><b>2019</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00848" style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td colspan="6" valign="bottom">
                <p id="p00849" style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>(dollars in thousands) </b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt; width: 74%; vertical-align: bottom;">
                <p id="p00855" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Net income (loss)</p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="width: 10%; vertical-align: bottom;">
                <p id="p00856" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">4,388</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="width: 10%; vertical-align: bottom;">
                <p id="p00858" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(6,482</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00860" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Total comprehensive income (loss)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-top: black 1pt solid; vertical-align: bottom;">
                <p id="p00861" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">4,388</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-top: black 1pt solid; vertical-align: bottom;">
                <p id="p00863" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(6,482</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00865" style="margin: 0pt 0pt 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;">Comprehensive (income) loss attributable to non-controlling interest</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00866" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(1,442</p>
            </td>
            <td style="padding-bottom: 1pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p id="p00868" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">335</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt; vertical-align: bottom;">
                <p id="p00870" style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Comprehensive income (loss) attributable to American Realty Investors, Inc.</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2.5pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2.5pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p id="p00871" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">2,946</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2.5pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2.5pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p id="p00873" style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(6,147</p>
            </td>
            <td style="padding-bottom: 2.5pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p id="p00875" style="margin-bottom: 0pt; margin-top: 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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        <p style="margin: 0pt">&nbsp;</p>
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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 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>AMERICAN REALTY INVESTORS, INC.</b>&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><a name="arls10q033120a007"></a>CONSOLIDATED STATEMENTS OF CASH FLOWS</b>&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>(Unaudited)</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <table style="width: 100%; border-collapse: collapse;" cellpadding="0" cellspacing="0">
        <tr style="vertical-align: bottom;">
            <td style="padding-left: 0.125in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif;" colspan="6">For the Three Months Ended March 31,</td>
            <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="vertical-align: bottom;">
            <td style="padding-left: 0.125in; vertical-align: bottom; text-align: center; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; vertical-align: bottom; text-align: center; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; font: bold 10pt Times New Roman, Times, Serif;" colspan="2">2020</td>
            <td style="padding-bottom: 1pt; vertical-align: bottom; text-align: center; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; vertical-align: bottom; text-align: center; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; font: bold 10pt Times New Roman, Times, Serif;" colspan="2">2019</td>
            <td style="padding-bottom: 1pt; vertical-align: bottom; text-align: center; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="vertical-align: bottom;">
            <td style="padding-left: 0.125in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif;" colspan="6">(dollars in thousands)</td>
            <td style="font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="vertical-align: bottom;">
            <td style="padding-left: 0.125in; text-align: left; text-indent: -0.125in; font: bold 10pt Times New Roman, Times, Serif;">Cash Flow From Operating Activities:</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;">&nbsp;</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;">&nbsp;</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; width: 74%; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net income (loss)</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: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif;">4,388</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: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif;">(6,482</td>
            <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Adjustments to reconcile net income (loss) applicable to common shares to net cash used in operating activities:</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;">&nbsp;</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;">&nbsp;</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: 0.5in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Foreign currency transaction (gain) 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;">(7,843</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;">5,818</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: 0.5in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Allowance for bad debt</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;">(542</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;">&#x2014;</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: 0.5in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Gain on sale of land</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;">(4,138</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;">(2,216</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="padding-left: 0.5in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;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;">3,394</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;">3,109</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: 0.5in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Amortization of deferred borrowing costs</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;">153</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;">339</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: 0.5in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Amortization of bond issuance costs</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;">778</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;">592</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: 0.5in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Loss from joint venture</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;">376</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;">1,055</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: 0.5in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;(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;">(116</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;">(58</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: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;(Increase) decrease in assets:</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;">&nbsp;</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;">&nbsp;</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: 0.5in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Accrued interest receivable</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;">1,475</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;">1,726</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: 0.5in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Other assets</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;">(1,408</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;">4,822</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: 0.5in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Prepaid expense</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;">(791</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;">(5,340</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: 0.5in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Rent receivables</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;">180</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;">(3,275</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="padding-left: 0.5in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Related party receivables</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;">)</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;">(7,971</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: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Increase (decrease) in liabilities:</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;">&nbsp;</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;">&nbsp;</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: 0.5in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Accrued interest payable</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;">(3,193</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;">(5,466</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-bottom: 1pt; padding-left: 0.5in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Other liabilities</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;">(4,164</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;">(3,102</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: 0.875in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Net cash (used in) operating activities</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;">(11,602</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;">(16,449</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-indent: -0.125in; 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;">&nbsp;</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;">&nbsp;</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; text-indent: -0.125in; font: bold 10pt Times New Roman, Times, Serif;">Cash Flow From Investing Activities:</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;">&nbsp;</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;">&nbsp;</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: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Proceeds from notes receivables</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;">5,042</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;">255</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: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Origination of notes receivables</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;">(768</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;">(385</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: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Acquisition of land held for development</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;">(2,000</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;">(2,479</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Proceeds from sale of land</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;">5,638</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;">8,715</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: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Distribution from equity investee</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;">5,264</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-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Improvement 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;">(2,289</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;">(3,699</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-bottom: 1pt; padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Construction and development of new properties</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;">(5,453</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;">(7,838</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: 0.875in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Net cash provided by (used in) investing activities</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;">5,434</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;">(5,431</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-indent: -0.125in; 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;">&nbsp;</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;">&nbsp;</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; text-indent: -0.125in; font: bold 10pt Times New Roman, Times, Serif;">Cash Flow From Financing Activities:</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;">&nbsp;</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;">&nbsp;</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: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Bond payments</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;">(11,561</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;">(10,378</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Proceeds from notes payable</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;">5,114</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;">8,019</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: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Recurring payment of principal on notes payable</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;">(2,592</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;">(1,182</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="padding-bottom: 1pt; padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Distributions to equity partner</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;">(67</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-left: 0.875in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Net cash (used in) financing activities</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;">(9,039</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;">(3,608</td>
            <td style="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-indent: -0.125in; 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;">&nbsp;</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;">&nbsp;</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; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net (decrease) increase in cash and cash equivalents</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;">(15,207</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;">(25,488</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="padding-bottom: 1pt; padding-left: 0.125in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Cash and cash equivalents, beginning of period</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;">83,311</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;">106,615</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: 0.125in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Cash and cash equivalents, end of period</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;">68,104</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;">81,127</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="padding-left: 0.125in; text-indent: -0.125in; 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;">&nbsp;</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;">&nbsp;</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; text-indent: -0.125in; font: bold 10pt Times New Roman, Times, Serif;">Supplemental disclosures of cash flow information:</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;">&nbsp;</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;">&nbsp;</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: 2pt; padding-left: 0.125in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Cash paid for interest</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;">13,090</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;">10,887</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="padding-left: 0.125in; text-indent: -0.125in; 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;">&nbsp;</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;">&nbsp;</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; text-indent: -0.125in; font: bold 10pt Times New Roman, Times, Serif;">Schedule of noncash investing and financing activities:</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;">&nbsp;</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;">&nbsp;</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: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">&nbsp;Notes payable issued on acquisition of land held for development</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;">3,350</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;">&#x2014;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p id="p01137" style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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    <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>&nbsp;</b></p>
    <p style="margin: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><a name="arls10q033120a008"></a>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b>NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b>Organization</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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. 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;). Over 90% of ARL&#x2019;s stock is owned by related party entities.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">ARL and a subsidiary own approximately 78.38% of the outstanding shares of common stock of Transcontinental Realty Investors, Inc. (&#x201C;TCI&#x201D;), a Nevada corporation, whose common stock is traded on the NYSE under the symbol (&#x201C;TCI&#x201D;). TCI, a subsidiary of ARL, owns approximately 81.15% of the common stock of Income Opportunity Realty Investors, Inc. (&#x201C;IOR&#x201D;). Effective July 17, 2009, IOR&#x2019;s financial results were consolidated with those of ARL and TCI and their subsidiaries. IOR&#x2019;s common stock is traded on the NYSE American under the symbol (&#x201C;IOR&#x201D;).</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">ARL&#x2019;s Board of Directors is responsible for directing the overall affairs of ARL and for setting the strategic policies that guide the Company. As of April 30, 2011, the Board of Directors delegated the day-to-day management of the Company to Pillar Income Asset Management, Inc. (&#x201C;Pillar&#x201D;), a Nevada corporation, under a written Advisory Agreement that is reviewed annually by ARL&#x2019;s Board of Directors. The directors of ARL are also directors of TCI and IOR. The Chairman of the Board of Directors of ARL also serves as the Chairman of the Board of Directors of TCI and IOR. The officers of ARL also serve as officers of TCI, IOR and Pillar.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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. 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. 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. Pillar also serves as an Advisor and Cash Manager to TCI and IOR.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">Southern Properties Capital Ltd. a British Virgin Island corporation (&#x201C;Southern&#x201D; or &#x201C;SPC&#x201D;), is a wholly owned subsidiary of TCI that was incorporated on August 16, 2016 for the purpose of raising funds by issuing debentures that cannot be converted into shares on the Tel-Aviv Stock Exchange (&#x201C;TASE&#x201D;). Southern operates in the United States and is primarily involved in investing in, developing, constructing and operating income-producing properties of multi-family residential real estate assets. Southern is included in the consolidated financial statements of TCI.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">On January 1, 2012, the Company&#x2019;s subsidiary, TCI, entered into a development agreement with Unified Housing Foundation, Inc. (&#x201C;UHF&#x201D;) a non-profit corporation that provides management services for the development of residential apartment projects in the future. This development agreement was terminated December 31, 2013. The Company has also invested in surplus cash notes receivables from UHF and has sold several residential apartment properties to UHF in prior years. Due to this ongoing relationship and the significant investment in the performance of the collateral secured under the notes receivable, UHF has been determined to be a related party.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">On November 19, 2018, TCI executed an agreement between the Macquarie Group (&#x201C;Macquarie&#x201D;) and SPC and TCI to create a joint venture, Victory Abode Apartments, LLC (&#x201C;VAA&#x201D;) to address existing and future demand for quality multifamily residential housing through acquisition and development of sustainable Class A multifamily housing in focused secondary and tertiary markets. In connection with the formation of the joint venture, SPC and TCI contributed a portfolio of 49 income producing apartment complexes, and 3 development projects in various stages of construction and received cash consideration of $236.8 million. At the time of the transfer of the properties, the joint venture assumed all liabilities of those properties, including mortgage debt to the Department of Housing and Urban Development (&#x201C;HUD&#x201D;).</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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    </div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">
        <p style="margin: 0pt">&nbsp;</p>
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    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">VAA is equally owned and controlled by Abode JVP, LLC, a wholly-owned subsidiary of SPC and Summerset Intermediate Holdings 2 LLC (&#x201C;Summerset&#x201D;), a wholly-owned indirect subsidiary of Macquarie.&nbsp; Pursuant to the Agreement, Abode JVP, LLC and Summerset each own voting and profit participation rights of 50% and 49%, respectively (&#x201C;Class A Members&#x201D;).&nbsp; The remaining 2% of the profit participation interest is held by Daniel J. Moos ARL&#x2019;s President and Chief Executive Officer (&#x201C;Class B Member&#x201D;) who also serves as the Manager of the joint venture.&nbsp;</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>Properties</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">At March 31, 2020, our portfolio of income-producing properties consisted of:</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <table border="0" cellpadding="0" cellspacing="0" width="100%">
        <tr>
            <td style="width: 18pt;" valign="top"></td>
            <td style="width: 18pt;" valign="top">
                <p style="margin: 0pt; text-align: justify; text-indent: 0px; font: 10pt Times New Roman, Times, serif;">&#x25CF;</p>
            </td>
            <td valign="top">
                <p style="margin: 0px; text-align: justify; text-indent: 0px; font: 10pt Times New Roman, Times, serif;">Seven commercial properties consisting of five office buildings and two retail properties comprising in aggregate of approximately 1.7 million square feet;</p>
            </td>
        </tr>
    </table>
    <table border="0" cellpadding="0" cellspacing="0" width="100%">
        <tr>
            <td style="width: 18pt;" valign="top"></td>
            <td style="width: 18pt;" valign="top">
                <p style="margin: 0px; text-align: justify; text-indent: 0px; font: 10pt Times New Roman, Times, serif;">&#x25CF;</p>
            </td>
            <td valign="top">
                <p style="margin: 0px; text-align: justify; text-indent: 0px; font: 10pt Times New Roman, Times, serif;">Ten residential apartment communities owned directly by us comprising in 1,657 units, excluding apartments being developed;</p>
            </td>
        </tr>
    </table>
    <table border="0" cellpadding="0" cellspacing="0" width="100%">
        <tr>
            <td style="width: 18pt;" valign="top"></td>
            <td style="width: 18pt;" valign="top">
                <p style="margin: 0px; text-align: justify; text-indent: 0px; font: 10pt Times New Roman, Times, serif;">&#x25CF;</p>
            </td>
            <td valign="top">
                <p style="margin: 0px; text-align: justify; text-indent: 0px; font: 10pt Times New Roman, Times, serif;">Approximately 1,982 acres of developed and undeveloped land; and</p>
            </td>
        </tr>
    </table>
    <table border="0" cellpadding="0" cellspacing="0" width="100%">
        <tr>
            <td style="width: 18pt;" valign="top"></td>
            <td style="width: 18pt;" valign="top">
                <p style="margin: 0px; text-align: justify; text-indent: 0px; font: 10pt Times New Roman, Times, serif;">&#x25CF;</p>
            </td>
            <td valign="top">
                <p style="margin: 0pt 0pt 0pt 0; margin-bottom: 0pt; margin-top: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">Fifty-one residential apartment communities totaling 10,137 units owned by our 50% owned investee VAA.</p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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. 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>Basis of Presentation</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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 three months ended March 31, 2019, 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">The year-end Consolidated Balance Sheet at December 31, 2019 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 31, 2019. Certain 2019 Consolidated Financial Statement amounts have been reclassified to conform to the 2020 presentation.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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    </div>
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    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b>Principles of Consolidation</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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 investments in Gruppa Florentina, LLC and VAA are accounted for under the equity method.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>Real Estate, Depreciation and Impairment</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>Real Estate Held For Sale</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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        <p style="margin: 0pt">&nbsp;</p>
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    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b>Cost Capitalization</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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. We capitalize interest to qualifying assets under development based on average accumulated expenditures outstanding during the period. 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. 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b>Fair Value Measurement</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <table style="width: 100%; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0">
        <tr>
            <td style="padding: 0pt; width: 5%; vertical-align: top; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Level&nbsp;1</p>
            </td>
            <td style="padding: 0pt; width: 3%; vertical-align: top; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;&#x2014;</p>
            </td>
            <td style="padding: 0pt; width: 92%; vertical-align: top;">
                <p style="margin: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">Unadjusted quoted prices for identical and unrestricted assets or liabilities in active markets.</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt; vertical-align: top; text-align: justify; white-space: nowrap;">
                <p style="margin: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">Level&nbsp;2</p>
            </td>
            <td style="padding: 0pt; vertical-align: top; text-align: justify; white-space: nowrap;">
                <p style="margin: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;&#x2014;</p>
            </td>
            <td style="padding: 0pt; vertical-align: top; text-align: justify;">
                <p style="margin: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt; vertical-align: top; text-align: justify; white-space: nowrap;">
                <p style="margin: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">Level&nbsp;3</p>
            </td>
            <td style="padding: 0pt; vertical-align: top; text-align: justify; white-space: nowrap;">
                <p style="margin: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;&#x2014;</p>
            </td>
            <td style="padding: 0pt; vertical-align: top; text-align: justify;">
                <p style="margin: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">Unobservable inputs that are significant to the fair value measurement.</p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>Deferred Costs</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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. Amortization is reflected as interest expense in the Consolidated Statements of Operations, with remaining terms ranging from 6 months to 40 years. Unamortized financing costs are written off when the financing agreement is extinguished before the maturity date.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>Related Parties</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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.&nbsp;&nbsp;</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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    </div>
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        <p style="margin: 0pt">&nbsp;</p>
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    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b>Newly Issued Accounting Standards&nbsp;&nbsp;</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="background: white; margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">
        <font style="color: #212529;">In December 2019, the FASB issued ASU 2019-12,&nbsp;<i><font style="color: #212529;">Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.&nbsp;</font></i>The amendments in this Update simplify the accounting for income taxes by removing certain exceptions from ASC 740. Also, the amendments in this Update simplify the accounting for income taxes by requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax, requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination, and other targeted changes. The effective date of the amendments is for fiscal years, and interim periods within those years, beginning after December 15, 2020. The Company is currently evaluating the impact that the adoption of ASU 2019-12 may have on its consolidated financial statements.</font>
    </p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="background: white; margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">
        <font style="color: #212529;">In October 2018, the FASB issued ASU 2018-17,&nbsp;<i><font style="color: #212529;">Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities</font></i>. This standard is intended to improve the accounting when considering indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. The effective date of the amendments is for fiscal years, and interim periods within those years, beginning after December 15, 2019. The new standard must be adopted retrospectively with early adoption permitted. The adoption of ASU 2018-17 did not have a material impact on the Company&#x2019;s financial position and results of operations.</font>
    </p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="background: white; margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">
        <font style="color: black;">In August 2018, the FASB issued ASU 2018-13,&nbsp;<i><font style="color: black;">Fair Value Measurement (Topic 820): Disclosure Framework&#x2014;Changes to the Disclosure Requirements for Fair Value Measurement&nbsp;</font></i>that eliminates, adds and modifies certain disclosure requirements for fair value measurements. The effective date of the standard is for fiscal periods, and interim periods within those years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively. All other amendments should be applied retrospectively. Early adoption is permitted.
            <font style="color: #212529;">The adoption of ASU 2018-13 did not have a material impact on the Company&#x2019;s financial position and results of operations.</font>
        </font>
    </p>
    <p style="background: white; margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">
        <font style="color: black;">
            <font style="color: #212529;">&nbsp;</font>
        </font>
    </p>
    <p style="background: white; margin: 0pt; text-align: justify; font: 10pt 'Times New Roman', Times, serif;">In February 2016, the FASB issued ASU 2016-02, <em>Leases </em>(Topic 842). The standard amended the existing lease accounting guidance and required lessees to recognize a lease liability and a right-of-use asset for all leases on their balance sheets. Lessees of operating leases continued to recognize lease expense in a manner similar to previous accounting. For lessors, accounting for leases under the new guidance was substantially the same as in prior periods, but it eliminated current real estate-specific provisions and changed the treatment of initial direct costs. The Company early adopted the standard on January 1, 2019.</p>
    <p style="text-align: justify;">The Company elected the following package of practical expedients provided by the standard: (i) an entity need not reassess whether any expired or existing contract is a lease or contains a lease, (ii) an entity need not reassess the lease classification of any expired or existing leases, and (iii) an entity need not reassess initial direct costs for any existing leases. The Company also elected the short-term lease exception provided for in the standard and therefore only recognizes right-of-use assets and lease liabilities for leases with a term greater than one year. The Company adopted the standard on January 1, 2019, but since no material lease arrangements were identified where the Company was the lessee, there were no right-of-use assets or lease liabilities recorded.</p>
    <p style="text-align: justify;">In July 2018, the FASB issued ASU 2018-11, Leases &#x2013; Targeted Improvements, which provided entities with relief from the costs of implementing certain aspects of ASU 2016-02, Leases. The ASU provided a practical expedient which allowed lessors to not separate lease and non-lease components in a contract and allocate the consideration in the contract to the separate components if both: (i) the timing and pattern of revenue recognition for the non-lease component and the related lease component are the same and (ii) the combined single lease component would be classified as an operating lease. The Company elected the practical expedient. The ASU also provided a transition option that permitted entities to not recast the comparative periods presented when transitioning to the standard, which the Company also elected.</p>
    <p style="text-align: justify;">In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers. The scope of this standard specifically excludes lease contracts. The Company adopted the standard on January 1, 2019, but it did not have an impact to the financial statements as the majority of the Company&#x2019;s revenue is from rental revenue generated from lease contracts.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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        <p style="margin: 0pt">&nbsp;</p>
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    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b>NOTE 2. INVESTMENT IN VAA</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">On November 19, 2018, TCI executed an agreement with Macquarie Group (&#x201C;Macquarie&#x201D;) to create a joint venture, Victory Abode Apartments, LLC (&#x201C;VAA&#x201D;) to address existing and future demand for quality multifamily residential housing through acquisition and development of sustainable Class A multifamily housing in focused secondary and tertiary markets.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">The Company accounts for its investment in VAA under the equity method of accounting. Under the equity method of accounting, our net equity in the investment is reflected within the Consolidated Balance Sheets in the caption &#x2018;Investment in VAA&#x2019;, and our share of the net income or loss from the joint venture is included within the Consolidated Statements of Operations in the caption &#x2018;Equity earnings from VAA&#x2019;. 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 and other agreed upon adjustments.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">The following is a summary of the financial position and results of operations of VAA (dollars in thousands):</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <table style="margin-left: 5.4pt; width: 90%; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0">
        <tr>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" colspan="6" nowrap valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">For the period ended March 31,</font></font></b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">&nbsp;</font></font></b></p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" colspan="2" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">2020</font></font></b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">2019</font></font></b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="border-bottom: black 1pt solid; padding: 0pt 5.4pt; width: 32%; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">Balance Sheet</font></font></b></p>
            </td>
            <td style="padding: 0pt 5.4pt; width: 31%; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">&nbsp;</font></font></b></p>
            </td>
            <td style="width: 2%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 10%; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 10%; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Net real estate assets</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,239,252</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,257,557</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Other assets</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">48,968</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">67,020</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Debt, net</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">(834,826</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">)</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">(796,065</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">)</font>
                </p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Other liabilities</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">(261,620</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">)</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">(275,448</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">)</font>
                </p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Total equity</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">(191,774</font>
                </p>
            </td>
            <td style="padding-bottom: 1pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">)</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">(253,064</font>
                </p>
            </td>
            <td style="padding-bottom: 1pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">)</font>
                </p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <table style="margin-left: 5.4pt; width: 90%; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0">
        <tr>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" colspan="6" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">For the Three Months Ended March 31, </font></font></b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" colspan="2" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">2020</font></font></b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">2019</font></font></b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="border-bottom: black 1pt solid; padding: 0pt 5.4pt; width: 32%; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">Results of Operations</font></font></b></p>
            </td>
            <td style="padding: 0pt 5.4pt; width: 31%; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">&nbsp;</font></font></b></p>
            </td>
            <td style="width: 2%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 10%; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 10%; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Total revenue</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29,660</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27,401</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Total property, operating, and maintenance expenses</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">(13,842</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">)</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">(14,169</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">)</font>
                </p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Interest expense</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">(15,074</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">)</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">(15,070</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">)</font>
                </p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Depreciation and Amortization</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">(7,657</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">)</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">(15,233</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">)</font>
                </p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Total other expense</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">(982</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">)</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">(675</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">)</font>
                </p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Net loss</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7,895</font>
                </p>
            </td>
            <td style="padding-bottom: 2pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">)</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17,746</font>
                </p>
            </td>
            <td style="padding-bottom: 2pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">)</font>
                </p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 55.1pt; text-align: justify; text-indent: -55.1pt; font: 10pt Times New Roman, Times, Serif;">Below is a reconciliation of our allocation of income or loss from VAA.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <table style="margin-left: 5.4pt; width: 90%; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0">
        <tr>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" colspan="6" nowrap valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">For the Three Months Ended March 31, </font></font></b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" colspan="2" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">2020</font></font></b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">2019</font></font></b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 5.4pt; width: 63%; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">VAA net loss</font>
                </p>
            </td>
            <td style="width: 2%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="width: 10%; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7,895</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">)</font>
                </p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="width: 10%; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17,746</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">)</font>
                </p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Adjustments to reconcile to income (loss) from VAA</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Interest expense on mezzanine loan</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">5,873</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">6,089</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">In-place lease intangibles - amortization expense</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&#x2014;</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">8,336</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Depreciation basis differences</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">1,270</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">1,211</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Net loss</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (752</font>
                </p>
            </td>
            <td style="padding-bottom: 2pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">)</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,110</font>
                </p>
            </td>
            <td style="padding-bottom: 2pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">)</font>
                </p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Percentage ownership in VAA</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">50</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">%</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">50</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">%</font>
                </p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Loss from VAA</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (376</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">)</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,055</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">)</font>
                </p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <!-- Field: Page; Sequence: 6; Value: 8-->
    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">
        <p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;
            <!-- Field: Sequence; Type: Arabic; Name: PageNo-->13
            <!-- Field: /Sequence -->
        </p>
    </div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">
        <p style="margin: 0pt">&nbsp;</p>
    </div>
    <!-- Field: /Page -->
    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b>NOTE 3. REAL ESTATE ACTIVITY</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">Below is a summary of the real estate owned as of March 31, 2020 and December 31, 2019 (dollars in thousands):&nbsp;</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <table style="margin-left: 5.4pt; width: 80%; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0">
        <tr>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td colspan="2" nowrap valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>March 31,</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>December 31,</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;"><b>&nbsp;</b></p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" colspan="2" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">2020</font></font></b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black; padding: 0pt 5.4pt 0pt 5.4pt;" colspan="2" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">2019</font></font></b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 5.4pt; width: 53%; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Apartments</p>
            </td>
            <td style="width: 2%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="width: 10%; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157,753</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="width: 10%; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156,173</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Apartments under construction</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">33,166</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">22,363</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Commercial properties</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">230,133</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">229,424</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Land held for development</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">61,782</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">62,037</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Real estate subject to sales contract</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">6,887</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">7,966</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Total real estate, at cost, less impairment</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-top: black 1pt solid; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489,721</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-top: black 1pt solid; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477,963</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Less accumulated deprecation</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(93,144</p>
            </td>
            <td style="padding-bottom: 1pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(90,173</p>
            </td>
            <td style="padding-bottom: 1pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Total real estate, net of depreciation</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396,577</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387,790</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">The following is a description of our significant real estate and financing transactions for the three months ended March 31, 2020:</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <table border="0" cellpadding="0" cellspacing="0" width="100%">
        <tr>
            <td style="width: 18pt;" valign="top"></td>
            <td style="width: 18pt;" valign="top">
                <p style="margin: 0px; text-align: justify; text-indent: 0px; font: 10pt Times New Roman, Times, serif;">&#x25CF;</p>
            </td>
            <td valign="top">
                <p style="margin: 0px; text-align: justify; text-indent: 0px; font: 10pt Times New Roman, Times, serif;">Sold a combined 18.7 acres of land in Farmers Branch, Texas and Forney, Texas to third parties for an aggregate sales price of $5.7 million and recognized a gain on the sale of approximately $4.1 million.</p>
            </td>
        </tr>
    </table>
    <p style="margin: 0px; text-indent: 0px; font: 10pt Times New Roman, Times, serif;">&nbsp;</p>
    <table border="0" cellpadding="0" cellspacing="0" width="100%">
        <tr>
            <td style="width: 18pt;" valign="top"></td>
            <td style="width: 18pt;" valign="top">
                <p style="margin: 0px; text-align: justify; text-indent: 0px; font: 10pt Times New Roman, Times, serif;">&#x25CF;</p>
            </td>
            <td valign="top">
                <p style="margin: 0px; text-align: justify; text-indent: 0px; font: 10pt Times New Roman, Times, serif;">Acquired 100% of the membership interest in EQK Portage, LLC, which owns approximately 49.2 acres of land in Kent, OH. The Company purchased the land for development at a purchase price of $5.4 million, consisting of $2.0 million in cash and a 3.4 million note payable. The note has an interest rate of 10% and a maturity date of November 13, 2024.</p>
            </td>
        </tr>
    </table>
    <p style="margin: 0px; text-indent: 0px; font: 10pt Times New Roman, Times, serif;">&nbsp;</p>
    <table border="0" cellpadding="0" cellspacing="0" width="100%">
        <tr>
            <td style="width: 18pt;" valign="top"></td>
            <td style="width: 18pt;" valign="top">
                <p style="margin: 0px; text-align: justify; text-indent: 0px; font: 10pt Times New Roman, Times, serif;">&#x25CF;</p>
            </td>
            <td valign="top">
                <p style="margin: 0px; text-align: justify; text-indent: 0px; font: 10pt Times New Roman, Times, serif;">Purchased notes receivables from related parties for an aggregate purchase price of $7.4 million. No gain or loss was recognized from the purchase of the notes receivables (refer to Note 5).</p>
            </td>
        </tr>
    </table>
    <p style="margin: 0px; text-indent: 0px; font: 10pt Times New Roman, Times, serif;">&nbsp;</p>
    <table border="0" cellpadding="0" cellspacing="0" width="100%">
        <tr>
            <td style="width: 18pt;" valign="top"></td>
            <td style="width: 18pt;" valign="top">
                <p style="margin: 0px; text-align: justify; text-indent: 0px; font: 10pt Times New Roman, Times, serif;">&#x25CF;</p>
            </td>
            <td valign="top">
                <p style="margin: 0px; text-align: justify; text-indent: 0px; font: 10pt Times New Roman, Times, serif;">Paid $11.6 million in Series A bond principal and $7.3 million interests payments in Series A, B and C bonds.</p>
            </td>
        </tr>
    </table>
    <p style="margin: 0px; text-indent: 0px; font: 10pt Times New Roman, Times, serif;">&nbsp;</p>
    <table border="0" cellpadding="0" cellspacing="0" width="100%">
        <tr>
            <td style="width: 18pt;" valign="top"></td>
            <td style="width: 18pt;" valign="top">
                <p style="margin: 0px; text-align: justify; text-indent: 0px; font: 10pt Times New Roman, Times, serif;">&#x25CF;</p>
            </td>
            <td valign="top">
                <p style="margin: 0px; text-align: justify; text-indent: 0px; font: 10pt Times New Roman, Times, serif;">Converted $16.0 million to approximately 59.8 million (NIS) for the upcoming July 31, 2020 payment to the bond holders for principal and interest on Series A, B, and C Bonds.</p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">The Company continues to invest in the development of apartment projects. During the three months ended March 31, 2020, we have invested $5.4 million related to the construction or predevelopment of various apartment complexes out of which $0.3 million represents capitalized interest costs.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">
        <p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;
            <!-- Field: Sequence; Type: Arabic; Name: PageNo-->14
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        </p>
    </div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">
        <p style="margin: 0pt">&nbsp;</p>
    </div>
    <!-- Field: /Page -->
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b><font style="background: white;"><font style="background: white;">NOTE 4. SUPPLEMENTAL CASH FLOW INFORMATION</font></font></b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">
        <font style="background: white;">For the three months ended March 31, 2020 and 2019, the Company paid interest expense of&nbsp;$13.1 million and $10.9 million, respectively.&nbsp;</font>
    </p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">
        <font style="background: white;">Cash and cash equivalents, and restricted cash for the three months ended March 31, 2020 and 2019 was $68.1 million and $81.1 million, respectively. The following is a reconciliation of the Company&#x2019;s cash and cash equivalents, and restricted cash to the total presented in the consolidated statement of cash flows</font>
    </p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <table style="margin-left: 5.4pt; width: 80%; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0">
        <tr>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" colspan="6" nowrap valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">March 31,</font></font></b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" colspan="2" nowrap valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">2020</font></font></b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">2019</font></font></b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 5.4pt; width: 53%; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Cash and cash equivalents</font>
                </p>
            </td>
            <td style="width: 2%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="width: 10%; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39,946</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="width: 10%; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28,163</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Restricted cash (cash held in escrow)</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">14,031</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">34,690</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Restricted cash (certificate of deposits)</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">2,854</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">11,876</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Restricted cash (held with Trustee)</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">11,273</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">6,398</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 5.4pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Total cash, cash equivalents and restricted cash</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68,104</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81,127</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">
        <font style="background: white;">Amounts included in restricted cash represent funds set aside to meet contractual obligations with certain financial institutions for the payment of reserve replacement deposits and tax and insurance escrow. In addition, restricted cash includes funds to the Bond&#x2019;s Trustee for payment of principal and interests.</font>
    </p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">
        <p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;
            <!-- Field: Sequence; Type: Arabic; Name: PageNo-->15
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        </p>
    </div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">
        <p style="margin: 0pt">&nbsp;</p>
    </div>
    <!-- Field: /Page -->
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>NOTE 5. NOTES AND INTEREST RECEIVABLE</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Below is a summary of our notes receivable as of March 31, 2020 (dollars in thousands):&nbsp;</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; 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="background-color: white; vertical-align: bottom;">
            <td style="width: 3%; text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="width: 12%; text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="width: 5%; text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="width: 5%; text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="width: 5%; text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="width: 3%; text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="width: 1%; text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="width: 8%; text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Maturity</b></font>
            </td>
            <td style="width: 1%; text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="width: 8%; text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Interest</b></font>
            </td>
            <td style="width: 1%; text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="width: 1%;">&nbsp;</td>
            <td style="width: 12%; vertical-align: bottom; text-align: right; white-space: nowrap;">&nbsp;</td>
            <td style="width: 3%; text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="width: 32%; text-align: center; white-space: nowrap;">&nbsp;</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="border-bottom: Black 1pt solid; white-space: nowrap;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Borrower</b></font>
            </td>
            <td style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Date</b></font>
            </td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Rate</b></font>
            </td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: center;" colspan="2">
                <font style="font: 10pt Times New Roman, Times, Serif;"><b>Amount </b></font>
            </td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Security</b></font>
            </td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="white-space: nowrap;" colspan="2">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Performing loans:</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="2">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Prospectus Endeavors 4, LLC</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">01/23</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.00%</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;5,907 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="2">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Prospectus Endeavors 6, LLC</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">10/22</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.00%</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;496 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="2">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Oulan-Chikh Family Trust</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;"></td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">03/21</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">8.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;174 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="3">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;H198, LLC (McKinney Ranch Land)</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">09/20</font>
            </td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">6.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;4,554 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Forest Pines phase I</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">11/20</font>
            </td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">5.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;2,869 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="3">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Spyglass Apartments of Ennis, LP</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">11/20</font>
            </td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">5.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;5,335 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Bellwether Ridge</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">05/20</font>
            </td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">5.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;3,853 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="2">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Parc at Windmill Farms</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">05/20</font>
            </td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">5.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;7,697 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="2">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Autumn Breeze Apts</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">10/21</font>
            </td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">5.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;1,414 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Plum Tree</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">10/21</font>
            </td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">5.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;492 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Parc at Ingleside</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12/21</font>
            </td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">5.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;1,827 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="2">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;RNC Revolving Line of Credit</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">09/24</font>
            </td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">5.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;8,851 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Steeple Crest</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">10/20</font>
            </td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">5.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;6,665 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="4">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;RAI PFBL 2018 Purch Fee Note Weatherford</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12/21</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;525 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="4">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Unified Housing Foundation, Inc. (Echo Station) <sup>(1)</sup></font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12/32</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;1,481 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="5">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Unified Housing Foundation, Inc. (Inwood on the Park) <sup>(1)</sup></font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12/32</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;3,639 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="4">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Unified Housing Foundation, Inc. (Kensington Park) <sup>(1)</sup></font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12/32</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;3,933 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="4">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Unified Housing Foundation, Inc. (Lakeshore Villas) <sup>(1)</sup></font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12/32</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;2,000 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="4">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Unified Housing Foundation, Inc. (Lakeshore Villas) <sup>(1)</sup></font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12/32</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;6,369 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="4">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Unified Housing Foundation, Inc. (Lakeshore Villas) <sup>(1)</sup></font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12/32</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;2,732 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="5">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Unified Housing Foundation, Inc. (Limestone Ranch) <sup>(1)</sup></font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12/32</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;1,953 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="5">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Unified Housing Foundation, Inc. (Limestone Ranch) <sup>(1)</sup></font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12/32</font>
            </td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;2,000 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="5">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Unified Housing Foundation, Inc. (Limestone Ranch) <sup>(1)</sup></font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12/32</font>
            </td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;4,000 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="5">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Unified Housing Foundation, Inc. (Timbers of Terrell) <sup>(1)</sup></font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12/32</font>
            </td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;1,323 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="3">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Unified Housing Foundation, Inc. <sup>(1)</sup></font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12/21</font>
            </td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;10,401 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Unsecured</font>
            </td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="3">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Unified Housing Foundation, Inc. <sup>(1)</sup></font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">06/20</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;5,314 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Unsecured</font>
            </td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="3">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Unified Housing Foundation, Inc. <sup>(1)</sup></font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">03/22</font>
            </td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;4,782 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Unsecured</font>
            </td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="4">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Unified Housing Foundation, Inc. (Lakeshore Villas) <sup>(1)</sup></font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">07/21</font>
            </td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;838 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="5">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Unified Housing Foundation, Inc. (Limestone Ranch) <sup>(1)</sup></font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">07/21</font>
            </td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;773 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="5">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Unified Housing Foundation, Inc. (Marquis at Vista Ridge) <sup>(1)</sup></font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">07/21</font>
            </td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;839 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="5">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Unified Housing Foundation, Inc. (Timbers at the Park) <sup>(1)</sup></font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">07/21</font>
            </td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;432 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="4">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Unified Housing Foundation, Inc. (Bella Vista) <sup>(1)</sup></font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">08/21</font>
            </td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;212 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Secured</font>
            </td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="3">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Unified Housing Foundation, Inc. <sup>(1)</sup></font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">10/21</font>
            </td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;6,832 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Unsecured</font>
            </td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="3">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Unified Housing Foundation, Inc. <sup>(1)</sup></font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12/32</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;497 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Unsecured</font>
            </td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="3">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Unified Housing Foundation, Inc. <sup>(1)</sup></font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">03/23</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;61 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Unsecured</font>
            </td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="3">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Unified Housing Foundation, Inc. <sup>(1)</sup></font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">03/23</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;1,482 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Unsecured</font>
            </td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="3">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Unified Housing Foundation, Inc. <sup>(1)</sup></font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">03/23</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;4,792 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Unsecured</font>
            </td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="3">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Unified Housing Foundation, Inc. <sup>(1)</sup></font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">03/23</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;716 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Unsecured</font>
            </td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="3">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Unified Housing Foundation, Inc. <sup>(1)</sup></font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">03/23</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;317 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Unsecured</font>
            </td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="3">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Realty Advisors Management, Inc. <sup>(1)</sup></font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12/22</font>
            </td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">2.28%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;20,387 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Unsecured</font>
            </td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="2">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;One Realco Corporation</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">01/23</font>
            </td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">3.00%</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;7,000 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Unsecured</font>
            </td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="2">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Other related party notes <sup>(1) (2)</sup></font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Various</font>
            </td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Various</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;1,825 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Various secured interests</font>
            </td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;" colspan="2">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Other non-related party notes</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Various</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Various</font>
            </td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;11,692 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Various secured interests</font>
            </td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Accrued interest</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;11,637 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="padding-left: 40pt; white-space: nowrap;" colspan="2">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Total Performing</b></font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td style="text-align: right; white-space: nowrap;">&nbsp;</td>
            <td>$</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp; 170,918 </font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="white-space: nowrap;" colspan="2">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;Allowance for estimated losses</font>
            </td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="white-space: nowrap;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;(12,557</font>
            </td>
            <td style="white-space: nowrap;">)</td>
            <td style="text-align: center; white-space: nowrap;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-left: 40pt; white-space: nowrap;" colspan="2">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Total </b></font>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">&nbsp;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&nbsp;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&nbsp;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&nbsp;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&nbsp;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&nbsp;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&nbsp;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&nbsp;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&nbsp;</td>
            <td style="border-bottom: Black 2.5pt double;">$</td>
            <td style="border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right; white-space: nowrap;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp; 158,361 </font>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">&nbsp;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&nbsp;</td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <table style="width: 100%;" border="0" cellpadding="0" cellspacing="0" width="100%">
        <tr>
            <td style="padding: 0pt 0pt 0pt 0pt; width: 0pt;" valign="top">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt 0pt 0pt 0pt; width: 18pt;" valign="top">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><sup>(1)</sup></p>
            </td>
            <td style="padding: 0pt 0pt 0pt 0pt; width: 1062pt;" valign="top">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">Related party notes.</p>
            </td>
        </tr>
    </table>
    <table style="width: 100%;" border="0" cellpadding="0" cellspacing="0" width="100%">
        <tr>
            <td style="padding: 0pt 0pt 0pt 0pt; width: 0pt;" valign="top">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt 0pt 0pt 0pt; width: 18pt;" valign="top">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><sup>(2)</sup></p>
            </td>
            <td style="padding: 0pt 0pt 0pt 0pt; width: 1062pt;" valign="top">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">An allowance was taken for estimated losses at full value of note.</p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <!-- Field: Page; Sequence: 9; Value: 8-->
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        <p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;
            <!-- Field: Sequence; Type: Arabic; Name: PageNo-->16
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        </p>
    </div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">
        <p style="margin: 0pt">&nbsp;</p>
    </div>
    <!-- Field: /Page -->
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">At March 31, 2020, we had mortgage loans and accrued interest receivable from related parties, net of allowances, totaling $96.9 million and recognized interest income of $8.1 million related to these notes receivables. During the quarter just ended, the Company collected $5.0 million and purchased from a related party $7.4 million of notes receivables with an interest rate of 12% and maturity date of March 2023.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">The Company has various notes receivable from Unified Housing foundation, Inc. (&#x201C;UHF&#x201D;).&nbsp; UHF is determined to be a related party due to our significant investment in the performance of the collateral secured under the notes receivable. Payments are due from surplus cash flow from operations, sale or refinancing of the underlying properties. These notes are cross collateralized to the extent that any surplus cash available from any of the properties underlying these notes will be used to repay outstanding interest and principal for the remaining notes. Furthermore, any surplus cash available from any of the properties UHF owns, besides the properties underlying these notes, can be used to repay outstanding interest and principal for these notes. The allowance on the notes was a purchase allowance that was netted against the notes when acquired.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b>NOTE 6. INVESTMENT IN UNCONSOLIDATED INVESTEES</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">The summary data presented below includes our investments accounted for under the equity method, except for our investment in VAA which is discussed in detail in Note 2 &#x2018;Investment in VAA&#x2019;.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">The Company owns a 20% interest in Gruppa Florentina, LLC which 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 &amp; Vito&#x2019;s Pizzerias.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">The following is a summary of the financial position and results of operations as of March 31, 2020 and 2019 from our investees (dollars in thousands):</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</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="padding-bottom: 1pt;">&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">For the period ended March 31,</td>
            <td style="padding-bottom: 1pt;">&nbsp;</td>
        </tr>
        <tr style="vertical-align: bottom;">
            <td style="font-weight: bold;">SUMMARY OF FINANCIAL POSITION:</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">2020</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">2019</td>
            <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="width: 50%; text-align: left;">Real estate, net of accumulated depreciation</td>
            <td style="width: 1%;">&nbsp;</td>
            <td style="width: 1%; text-align: left;">$</td>
            <td style="width: 12%; text-align: right;">12,403</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;">13,530</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;">11,053</td>
            <td style="text-align: left;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="text-align: left;">&nbsp;</td>
            <td style="text-align: right;">11,508</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;">33,416</td>
            <td style="text-align: left;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="text-align: left;">&nbsp;</td>
            <td style="text-align: right;">31,381</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;">(9,159</td>
            <td style="text-align: left;">)</td>
            <td>&nbsp;</td>
            <td style="text-align: left;">&nbsp;</td>
            <td style="text-align: right;">(9,853</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;">(7,052</td>
            <td style="text-align: left;">)</td>
            <td>&nbsp;</td>
            <td style="text-align: left;">&nbsp;</td>
            <td style="text-align: right;">(6,584</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/partners capital</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;">(40,661</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;">(39,982</td>
            <td style="padding-bottom: 1pt; text-align: left;">)</td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</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="padding-bottom: 1pt;">&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">For the three months ended March 31,</td>
            <td style="padding-bottom: 1pt;">&nbsp;</td>
        </tr>
        <tr style="vertical-align: bottom;">
            <td style="font-weight: bold;">SUMMARY OF OPERATIONS:</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">2020</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">2019</td>
            <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="width: 50%;">Revenue</td>
            <td style="width: 1%;">&nbsp;</td>
            <td style="width: 1%; text-align: left;">$</td>
            <td style="width: 12%; text-align: right;">13,414</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;">13,626</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;">(351</td>
            <td style="text-align: left;">)</td>
            <td>&nbsp;</td>
            <td style="text-align: left;">&nbsp;</td>
            <td style="text-align: right;">(364</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;">(12,342</td>
            <td style="text-align: left;">)</td>
            <td>&nbsp;</td>
            <td style="text-align: left;">&nbsp;</td>
            <td style="text-align: right;">(12,815</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;">(141</td>
            <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left;">)</td>
            <td style="border-bottom: Black 1pt solid; 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;">(156</td>
            <td style="padding-bottom: 1pt; text-align: left;">)</td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="padding-bottom: 1pt; text-align: left;">Income (loss) from continuing operations</td>
            <td style="padding-bottom: 1pt;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left;">$</td>
            <td style="border-bottom: Black 1pt solid; text-align: right;">580</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;">$</td>
            <td style="border-bottom: Black 1pt solid; text-align: right;">291</td>
            <td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="padding-bottom: 2.5pt; text-align: left;">Net income (loss)</td>
            <td style="padding-bottom: 2.5pt;">&nbsp;</td>
            <td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
            <td style="border-bottom: Black 2.5pt double; text-align: right;">580</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;">$</td>
            <td style="border-bottom: Black 2.5pt double; text-align: right;">291</td>
            <td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="padding-bottom: 1pt;">Company&#x2019;s 20% proportionate share of earnings</td>
            <td style="padding-bottom: 1pt;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left;">$</td>
            <td style="border-bottom: Black 1pt solid; text-align: right;">116</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;">$</td>
            <td style="border-bottom: Black 1pt solid; text-align: right;">58</td>
            <td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <!-- Field: Page; Sequence: 10; Value: 8-->
    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">
        <p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;
            <!-- Field: Sequence; Type: Arabic; Name: PageNo-->17
            <!-- Field: /Sequence -->
        </p>
    </div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">
        <p style="margin: 0pt">&nbsp;</p>
    </div>
    <!-- Field: /Page -->
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>NOTE 7. NOTES AND INTEREST PAYABLE</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Below is a summary of our notes and interest payable as of March 31, 2020 and December 31, 2019 (dollars in thousands):</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <table style="width: 70%; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0">
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: black 1pt solid; padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2" nowrap>
                <p style="margin: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">March 31,</font></font></b></p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>&nbsp;</td>
            <td style="border-bottom: black 1pt solid; padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2" nowrap>
                <p style="margin: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">December 31,</font></font></b></p>
            </td>
            <td>&nbsp;</td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;</font>
                </p>
            </td>
            <td style="border-bottom: black 1pt solid; padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2">
                <p style="margin: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">2020</font></font></b></p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>&nbsp;</td>
            <td style="border-bottom: black 1pt solid; padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2">
                <p style="margin: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">2019</font></font></b></p>
            </td>
            <td>&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; width: 45%; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Apartments</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="width: 10%; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120,370</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%;">&nbsp;</td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="width: 10%; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120,024</font>
                </p>
            </td>
            <td style="width: 1%;">&nbsp;</td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Apartments under Construction</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">16,710</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">9,017</font>
                </p>
            </td>
            <td>&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Commercial</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">92,319</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">92,838</font>
                </p>
            </td>
            <td>&nbsp;</td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Land</font>
                </p>
            </td>
            <td style="vertical-align: bottom;" nowrap></td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">17,644</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom;" nowrap></td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">19,128</p>
            </td>
            <td>&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Corporate and other notes</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">20,266</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>&nbsp;</td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">20,429</font>
                </p>
            </td>
            <td>&nbsp;</td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Total notes payable</font>
                </p>
            </td>
            <td style="border-bottom: black 1pt solid; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="border-bottom: black 1pt solid; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267,309</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>&nbsp;</td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261,436</font>
                </p>
            </td>
            <td>&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Less: unamortized deferred borrowing costs</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">(7,189</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">)</font>
                </p>
            </td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">(7,342</font>
                </p>
            </td>
            <td>&nbsp;</td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Total outstanding notes payable, net</font>
                </p>
            </td>
            <td style="border-bottom: black 1pt solid; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="border-bottom: black 1pt solid; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260,120</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>&nbsp;</td>
            <td style="border-bottom: black 1pt solid; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="border-bottom: black 1pt solid; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254,094</font>
                </p>
            </td>
            <td>&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Accrued Interest</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">849</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>&nbsp;</td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">779</font>
                </p>
            </td>
            <td>&nbsp;</td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Total notes payable, net and accrued interest</font>
                </p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260,969</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>&nbsp;</td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254,873</font>
                </p>
            </td>
            <td>&nbsp;</td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">During the three months ended March 31, 2020, the Company drew down $4.3 million in construction loans to fund the development of various apartment projects. In addition, TCI through one of its subsidiaries issued a note payable of $3.4 million to purchase land for development in Kent, Ohio. The note has an interest rate of 10% and a maturity date of November 13, 2024.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b>NOTE 8. BONDS AND BONDS INTEREST PAYABLE</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Following is the outstanding balance of SPC&#x2019;s Bonds and interest payable as of March 31, 2020 and December 31, 2019 (dollars in thousands):</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <table style="width: 70%; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0">
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" colspan="2" nowrap valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">March 31,</font></font></b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">December 31,</font></font></b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" colspan="2" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">2020</font></font></b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">2019</font></font></b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; width: 45%; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Bonds (Series A)</font>
                </p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="width: 10%; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78,541</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="width: 10%; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92,653</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Bonds (Series B)</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">38,626</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">39,844</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Bonds (Series B expansion)</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">20,281</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">20,920</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Bonds (Series C)</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">77,139</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">79,572</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">Total outstanding bonds</font></font></b></p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="border-bottom: black 1pt solid; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214,587</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232,989</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Less: deferred bond issuance costs</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">(8,946</font>
                </p>
            </td>
            <td style="padding-bottom: 1pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">)</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">(9,724</font>
                </p>
            </td>
            <td style="padding-bottom: 1pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">)</font>
                </p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">Total outstanding bonds, net</font></font></b></p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">205,641</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">223,265</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Accrued Interest</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">2,191</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">6,457</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">Total outstanding bonds, net and accrued interest</font></font></b></p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207,832</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229,722</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">The aggregate maturity of the bonds are as follows:</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <table style="width: 70%; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0">
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" colspan="2" nowrap valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">March 31,</font></font></b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">December 31,</font></font></b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="border-bottom: black 1pt solid; padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">Year</font></font></b></p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" colspan="2" valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">2020</font></font></b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;">2019</font></font></b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; width: 45%; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">2020</font>
                </p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="width: 10%; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,220</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="width: 10%; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23,148</font>
                </p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">2021</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">34,222</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">35,301</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">2022</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">34,222</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">35,301</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">2023</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">111,361</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">114,873</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">2024</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">11,781</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">12,153</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Thereafter</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">11,781</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">12,213</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;</font>
                </p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214,587</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">$</font>
                </p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232,989</font>
                </p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">On January 31, 2020, the Company paid $11.6 million in Series A bond principal and $7.3 million in interests payments in Series A, B and C bonds, respectively.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <!-- Field: Page; Sequence: 1; Options: NewSection; Value: 18-->
    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">
        <p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">
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        </p>
    </div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">
        <p style="margin: 0pt">&nbsp;</p>
    </div>
    <!-- Field: /Page -->
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>NOTE 9.&nbsp; RELATED PARTY TRANSACTIONS</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">The following table reflects the reconciliation of the beginning and ending balances of accounts receivable from and (accounts payable) to related parties as of March 31, 2020 (dollars in thousands):</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <table style="width: 60%; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0">
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" colspan="2" nowrap valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>Pillar</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; width: 45%; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Related party receivable, December 31, 2019</p>
            </td>
            <td style="width: 2%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 2%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 10%; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">85,996</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt 0pt 8.65pt; vertical-align: bottom; text-indent: -8.65pt; white-space: nowrap;">
                <p style="margin-bottom: 0pt; margin-right: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">Cash transfers</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">2,911</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 5.4pt 0pt 8.65pt; vertical-align: bottom; text-indent: -8.65pt; white-space: nowrap;">
                <p style="margin-bottom: 0pt; margin-right: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">Advisory fees</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(2,287</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt 0pt 8.65pt; vertical-align: bottom; text-indent: -8.65pt; white-space: nowrap;">
                <p style="margin-bottom: 0pt; margin-right: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">Net income fee</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(86</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 5.4pt 0pt 8.65pt; vertical-align: bottom; text-indent: -8.65pt; white-space: nowrap;">
                <p style="margin-bottom: 0pt; margin-right: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">Cost reimbursements</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(1,118</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt 0pt 8.65pt; vertical-align: bottom; text-indent: -8.65pt; white-space: nowrap;">
                <p style="margin-bottom: 0pt; margin-right: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">Interest income</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">1,103</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 5.4pt 0pt 8.65pt; vertical-align: bottom; text-indent: -8.65pt; white-space: nowrap;">
                <p style="margin-bottom: 0pt; margin-right: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">Notes receivable purchased</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(7,368</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt 0pt 8.65pt; vertical-align: bottom; text-indent: -8.65pt; white-space: nowrap;">
                <p style="margin-bottom: 0pt; margin-right: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">Expenses (paid) received by Advisor</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">21</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 5.4pt 0pt 8.65pt; vertical-align: bottom; text-indent: -8.65pt; white-space: nowrap;">
                <p style="margin-bottom: 0pt; margin-right: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">Financing (mortgage payments)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(240</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt 0pt 8.65pt; vertical-align: bottom; text-indent: -8.65pt; white-space: nowrap;">
                <p style="margin-bottom: 0pt; margin-right: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">Intercompany property transfers</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(153</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Related party receivable, March 31, 2020</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom; white-space: nowrap;">
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78,779</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b>NOTE 10. DEFERRED INCOME</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">In previous years, the Company has sold properties to related parties where we have had continuing involvement in the form of management or financial assistance associated with the sale of the properties. Because of the continuing involvement associated with the sale, the sales criteria for the full accrual method is not met, and as such the Company has deferred some or all of the gain recognition and accounted for the sale by applying the finance, deposit, installment or cost recovery methods, as appropriate, until the sales criteria is met. The gain on these transactions have been deferred until the properties are sold to a non-related third party. As of March 31, 2020, we had deferred gain of $24.8 million.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b>NOTE 11. OPERATING SEGMENTS</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">
        <p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">
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        </p>
    </div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">
        <p style="margin: 0pt">&nbsp;</p>
    </div>
    <!-- Field: /Page -->
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">Presented below is our reportable segments&#x2019; operating income for the three months ended March 31, 2020 and 2019, including segment assets and expenditures (dollars in thousands):</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <table style="width: 80%; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0">
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td colspan="2" nowrap valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>Commercial</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>&nbsp;</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>&nbsp;</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>&nbsp;</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2" nowrap></td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;"><b>For the Three Months Ended March 31, 2020</b></p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" colspan="2" nowrap valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>Properties</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>Apartments</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>Land</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>Other</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>Total</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; width: 20%; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Rental and other property revenues</p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="width: 9%; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,884</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="width: 9%; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,032</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="width: 9%; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="width: 9%; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="width: 9%; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,918</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Property operating expenses</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(4,109</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(1,930</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(99</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(172</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(6,310</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Depreciation</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(2,522</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(872</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(3,394</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Mortgage and loan interest</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(1,371</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(1,172</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(281</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(6,778</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(9,602</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Interest income</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">5,754</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">5,754</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Gain on land sales</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">4,138</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">4,138</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Segment operating (loss) income</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (118</p>
            </td>
            <td style="padding-bottom: 2pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,758</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,194</p>
            </td>
            <td style="padding-bottom: 2pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,504</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Capital expenditures</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 709</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,033</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,000</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">9,742</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Real estate assets</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp; 148,424</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp; 179,484</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68,669</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">396,577</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b>Property Sales</b></p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Sales price</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,712</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,712</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Cost of sale</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(1,574</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(1,574</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Gain on sale</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,138</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,138</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <table style="width: 80%; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0">
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td colspan="2" nowrap valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>Commercial</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>&nbsp;</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>&nbsp;</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>&nbsp;</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2" nowrap></td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;"><b>For the Three Months Ended March 31, 2019</b></p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" colspan="2" nowrap valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>Properties</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>Apartments</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>Land</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>Other</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>Total</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; width: 20%; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Rental and other property revenues</p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="width: 9%; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,227</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="width: 9%; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,700</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="width: 9%; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="width: 9%; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="width: 9%; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,929</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Property operating expenses</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(3,936</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(2,058</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">43</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(46</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(5,997</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Depreciation</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(2,375</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(734</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(3,109</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Mortgage and loan interest</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(1,967</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(934</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(329</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(6,738</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(9,968</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Interest income</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">6,153</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">6,153</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Gain on land sales</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">2,216</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">2,216</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Segment operating (loss) income</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51</p>
            </td>
            <td style="padding-bottom: 2pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26</p>
            </td>
            <td style="padding-bottom: 2pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,930</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (629</p>
            </td>
            <td style="padding-bottom: 2pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,224</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Capital expenditures</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">3,690</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">5,167</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">8,857</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Real estate assets</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">154,791</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">150,841</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">80,845</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">386,477</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b>Property Sales</b></p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Sales price</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,715</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,715</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Cost of sale</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(6,499</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(6,499</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Gain on sale</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,216</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,216</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; 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 March 31, 2020 and 2019 (dollars in thousands):</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <table style="width: 70%; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0">
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" colspan="6" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>For the Three Months Ended</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom;" colspan="6" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>March 31, </b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;"><b>&nbsp;</b></p>
            </td>
            <td style="border-bottom: 1pt solid black;" colspan="2" nowrap valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>2020</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>2019</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; width: 45%; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Segment operating income</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="width: 10%; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,504</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="width: 10%; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,224</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Other non-segment items of income (expense)</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 5.4pt 0pt 0.125in; vertical-align: bottom; text-indent: -0.125in;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in; font: 10pt Times New Roman, Times, Serif;">General and administrative</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(2,795</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(2,480</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt 0pt 0.125in; vertical-align: bottom; text-indent: -0.125in;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in; font: 10pt Times New Roman, Times, Serif;">Franchise taxes and other expenses</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(1,496</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(125</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 5.4pt 0pt 0.125in; vertical-align: bottom; text-indent: -0.125in;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in; font: 10pt Times New Roman, Times, Serif;">Net income fee to related party</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(86</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(100</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt 0pt 0.125in; vertical-align: bottom; text-indent: -0.125in;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in; font: 10pt Times New Roman, Times, Serif;">Advisory fee to related party</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(2,287</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(1,853</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 5.4pt 0pt 0.125in; vertical-align: bottom; text-indent: -0.125in;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in; font: 10pt Times New Roman, Times, Serif;">Other income</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">1,212</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">3,667</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt 0pt 0.125in; vertical-align: bottom; text-indent: -0.125in;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in; font: 10pt Times New Roman, Times, Serif;">Foreign Currency Transaction gain (loss)</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">7,843</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(5,818</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding: 0pt 5.4pt 0pt 0.125in; vertical-align: bottom; text-indent: -0.125in;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in; font: 10pt Times New Roman, Times, Serif;">Loss from joint venture</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(376</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">(1,055</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
        <tr>
            <td style="padding: 0pt 5.4pt 0pt 0.125in; vertical-align: bottom; text-indent: -0.125in;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in; font: 10pt Times New Roman, Times, Serif;">Earnings from unconsolidated investees</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">116</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">58</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Net income (loss) from continuing operations</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,635</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,482</p>
            </td>
            <td style="padding-bottom: 2pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">The table below reflects a reconciliation of the segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands):</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <table style="width: 70%; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0">
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" colspan="6" nowrap valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>As of March 31,</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: 1pt solid black;" colspan="2" nowrap valign="bottom">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>2020</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="border-bottom: black 1pt solid; padding: 0pt 5.4pt; vertical-align: bottom;" colspan="2" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>2019</b></p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; width: 45%; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Segment assets</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="width: 10%; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp; 396,577</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="width: 10%; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp; 386,477</p>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Investments in unconsolidated investees</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">62,131</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">75,634</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Notes and interest receivable</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">158,361</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">124,462</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Other assets</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">198,002</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">228,240</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr style="background-color: #cceeff;">
            <td style="padding-bottom: 0pt; padding-right: 5.4pt; padding-top: 0pt; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">Total assets</p>
            </td>
            <td style="border-bottom: black 2pt double; border-top: black 1pt solid; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
            </td>
            <td style="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid; vertical-align: bottom;" nowrap>
                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp; 815,071</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td>
                <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</p>
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                <p style="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;&nbsp;&nbsp; 814,813</p>
            </td>
            <td style="vertical-align: bottom;">
                <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b>NOTE 12. COMMITMENTS, CONTINGENCIES, AND LIQUIDITY</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b><i><b>Liquidity.</b></i>
        </b><i>&nbsp;</i>Management believes that ARL will generate excess cash flow from property operations in 2020; such excess, however, will not be sufficient to discharge all of ARL&#x2019;s obligations as they became due. Management intends to sell land and income-producing real estate, refinance real estate and obtain additional borrowings primarily secured by real estate to meet its liquidity requirements.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b><i><b>Partnership Buyouts</b></i>.</b> 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b><i><b>Litigation.</b></i>
        </b><i>&nbsp;</i>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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b><i><b>Guarantees.</b></i>
        </b><i>&nbsp;</i>The Company is the primary guarantor on a $24.3 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 March 31, 2020 UHF was in compliance with the covenants to the loan agreement.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>ART and ART Midwest, Inc.</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">A formerly owned entity (American Realty Trust, Inc.) and its former subsidiary (ART Midwest, Inc.) have been parties&nbsp; to a 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. Subsequently, the trial court recalculated the damage award, reducing it to approximately $59 million, inclusive of actual damages and then current interest. 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">The Clapper Parties subsequently filed a new lawsuit against ARI, its subsidiary EQK Holdings, Inc. &#x201C;EQK&#x201D;, and ART. The Clapper Parties seek damages from ARL for payment by ART to ARL of ART&#x2019;s stock in EQK in exchange for a release of the Antecedent Debt owed by ART to ARI. In February 2018 the court determined that this legal matter should not have been filed in federal court and therefore granted motions to dismiss on jurisdictional grounds. In June 2018, the court overruled its own grant of motions to dismiss and reinstated the case. We continue to vigorously defend the case and management believes it has defenses to the claims. The case has not been set for trial.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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 lifted. The trial court subsequently dismissed the case on procedural grounds, but ART filed a notice of appeal. The appeal was heard in February 2018 and the case was subsequently appealed to the Texas Supreme Court. The Application for Review was denied by the Texas Supreme Court and the denial was appealed by a Motion for Rehearing. The Court denied the Motion for Rehearing in May 2020.</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">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 the note at zero.</p>
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    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>Dynex Capital, Inc.</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">On July 20, 2015, the 68<sup>th</sup>&nbsp;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; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">The Final Judgment entered against Dynex Commercial, Inc. on July 20, 2015 awarded Basic was $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 was $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 was $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 were paid. Lastly, the Judgement awarded Basic, ART, and TCI was $1.6 million collectively in attorneys&#x2019; fees from Dynex Commercial, Inc.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">TCI is working with counsel to identify assets and collect on the Final Judgment against Dynex Commercial, Inc., as well as pursue additional claims, if any, against Dynex Capital, Inc. Post judgment interest continues to accrue.&nbsp;</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>Berger Litigation</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">On February 4, 2019, an individual claiming to be a stockholder holding 7,900 shares of Common Stock of Income Opportunity Realty Investors, Inc. (&#x201C;IOR&#x201D;) filed a Complaint in the United States District Court for the Northern District of Texas, Dallas Division, individually and allegedly derivatively on behalf of IOR, against Transcontinental Realty Investors, Inc. (&#x201C;TCI&#x201D;), American Realty Investors, Inc. (&#x201C;ARL&#x201D;), (TCI is a shareholder of IOR, ARL is a shareholder of TCI) Pillar Income Asset Management, Inc. (&#x201C;Pillar&#x201D;), ( collectively the &#x201C;Companies&#x201D;), certain officers and directors of the Companies (&#x201C;Additional Parties&#x201D;) and two other individuals. The Complaint filed alleges that the sale and/or exchange of certain tangible and intangible property between the Companies and IOR during the last ten years of business operations constitutes a breach of fiduciary duty by the one or more of Companies, the Additional Defendants and/or the directors of IOR. The case alleges other related claims. The Plaintiff seeks certification as a representative of IOR and all of its shareholders, unspecified damages, a return to IOR of various funds and an award of costs, expenses, disbursements (including Plaintiff&#x2019;s attorneys&#x2019; fees) and prejudgment and post-judgment interest. The named Defendants intend to vigorously defend the action, deny all of the allegations of the Complaint, and believe the allegations to be wholly without any merit. The Defendants have filed motions to dismiss the case in its entirety in June 2019 which are currently still pending. The named Defendants intend to vigorously defend the action, deny all of the allegations of the Complaint, and believe the allegations to be wholly without any merit. On February 26, 2020, the Court denied IOR&#x2019;s demand futility motion. The remaining Defendants filed motions to dismiss the case in its entirety in June 2019. The motions were granted in part and denied in part in the first quarter of 2020. Discovery is expected to begin in May of 2020.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b>NOTE 13. EARNINGS PER SHARE</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">As of March 31, 2020, the
    Company have 614 shares issued and 1,800,614 shares outstanding of Series A 10.0% cumulative convertible preferred stock. 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.&nbsp; These are considered in the computation of diluted earnings per share if the effect of applying the
    if-converted method is dilutive.&nbsp; Of the issued 1,800,614 shares of Series A 10.0% cumulative convertible preferred
    stock, 1,800,000 shares are held by ARL and its subsidiaries.&nbsp; Dividends are not paid on the shares owned by ARL.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>NOTE 14. SUBSEQUENT EVENTS</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">During 2020, a strain of coronavirus (&#x201C;COVID &#x2013; 19&#x201D;) was reported worldwide, resulting in decreased economic activity and concerns about the pandemic, which would adversely affect the broader global economy. The Company is taking all necessary steps to keep our business premises, tenants, vendors and employees in a safe environment and are constantly monitoring the impact of COVID &#x2013; 19.&nbsp;</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">As a result of the impact of COVID-19 on global financial markets, we have experienced volatility in foreign currency exchange rates. Extreme market volatility and disruption caused by COVID-19 may impact Company&#x2019;s ability to raise additional capital through debt financing activities, our ability to repay or refinance maturing liabilities, or impact the terms of any new obligations, which in turn may have an adverse impact on our credit ratings.&nbsp; As we have no near term debt maturities we believe there is currently no adverse impact on the Company financing activities and credit ratings. The extent to which COVID-19 will impact our business and financial results will depend on future developments, which are highly uncertain and cannot be predicted at this time due to the rapid evolution of this uncertain situation.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">The date to which events occurring after March 31, 2020, the date of the most recent balance sheet, have been evaluated for possible adjustment to the Consolidated Financial Statements or disclosure is May 15, 2020, which is the date on which the Consolidated Financial Statements were available to be issued.&nbsp;</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b>ITEM 2.&nbsp;&nbsp;</b></p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b><a name="arls10q033120a009"></a>MANAGEMENT&#x2019;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</b></p>
            </td>
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    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">The following discussion and analysis by management should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and Notes included in this Quarterly Report on Form 10-Q (the &#x201C;Quarterly Report&#x201D;) and in the Company&#x2019;s Form 10-K for the year ended&nbsp;December&nbsp;31, 2019&nbsp;(the &#x201C;Annual Report&#x201D;).</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt; width: 0.35in; vertical-align: top;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&#x25CF;</p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases, dependence on tenants&#x2019; financial condition, and competition from other developers, owners and operators of real estate);</p>
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    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt; width: 0.35in; vertical-align: top;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&#x25CF;</p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">risks associated with the availability and terms of construction and mortgage financing and the use of debt to fund acquisitions and developments;</p>
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    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt; width: 0.35in; vertical-align: top;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&#x25CF;</p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">demand for apartments and commercial properties in the Company&#x2019;s markets and the effect on occupancy and rental rates;</p>
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    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="padding: 0pt; width: 0.35in; vertical-align: top;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&#x25CF;</p>
            </td>
            <td style="padding: 0pt; vertical-align: top;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">the Company&#x2019;s ability to obtain financing, enter into joint venture arrangements in relation to or self-fund the development or acquisition of properties;</p>
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    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&#x25CF;</p>
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                <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">risks associated with the timing and amount of property sales and the resulting gains/losses associated with such sales;</p>
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                <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">failure to manage effectively our growth and expansion into new markets or to integrate acquisitions successfully;</p>
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                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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            <td style="padding: 0pt; width: 0.35in; vertical-align: top;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&#x25CF;</p>
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            <td style="padding: 0pt; vertical-align: top;">
                <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">risks and uncertainties affecting property development and construction (including, without limitation, construction delays, cost overruns, inability to obtain necessary permits and public opposition to such activities);</p>
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    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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            <td style="padding: 0pt; width: 0.35in; vertical-align: top;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&#x25CF;</p>
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                <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">risks associated with downturns in the national and local economies, increases in interest rates, and volatility in the securities markets;</p>
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    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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            <td style="padding: 0pt; width: 0.35in; vertical-align: top;">
                <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;">&#x25CF;</p>
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                <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">costs of compliance with the Americans with Disabilities Act and other similar laws and regulations;</p>
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    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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                <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">potential liability for uninsured losses and environmental contamination;</p>
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    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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                <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">risks associated with our dependence on key personnel whose continued service is not guaranteed; and</p>
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                <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">the other risk factors identified in this Form 10-Q, including those described under the caption &#x201C;Risk Factors.&#x201D;</p>
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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 0pt 0pt 0pt; 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 1A. &#x201C;Risk Factors&#x201D; in the Company&#x2019;s Annual Report on Form 10-K, which investors should review.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">As further set forth under the caption &#x201C;Risk Factors&#x201D; in Par I, Item 1A of the Form 10-K, the recent coronavirus (&#x201C;COVID-19&#x201D;) pandemic as well as the response to mitigate its spread and effect, may adversely impact our Company and our tenants. We have taken a variety of actions to ensure the continued operations of our properties, while ensuring the safety and security of our employee, tenants and vendors. These measures include providing support for our tenants remotely, restricted commercial building use to essential personnel only, requiring work-from-home arrangements and other modifications to our business practices. We will continue to actively monitor the situation and make further actions as may be required by governmental authorities or that we determine are in the best interest of our employees, tenants and business partners.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">As a result of the impact of COVID-19 on global financial markets, we have experienced volatility in foreign currency exchange rates. Extreme market volatility and disruption caused by COVID-19 may impact Company&#x2019;s ability to raise additional capital through debt financing activities, our ability to repay or refinance maturing liabilities, or impact the terms of any new obligations, which in turn may have an adverse impact on our credit ratings.&nbsp; As we have no near term debt maturities we believe there is currently no adverse impact on the Company financing activities and credit ratings.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">Additionally, the impact of COVID-19 on our operational results in subsequent periods will largely depend on future developments, which are highly uncertain and cannot be accurately predicted at this time. These developments may include, but are not limited to, new information concerning the severity of COVID-19, the degree of success of actions taken to contain or treat COVID-19 and the reactions by consumers, companies, governmental entities and financial institutions to such actions.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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>
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    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b>Overview</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">We acquire land primarily in urban in-fill locations or high-growth suburban markets. We are an active buyer and seller of real estate.</p>
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    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">During the three months ended March 31, 2020, we sold 18.7 acres of land in Farmers Branch, Texas and Forney, Texas to third parties for an aggregate sales price of $5.7 million and recognized a gain on the sale of $4.1 million. Also, acquired 100% of the membership interest in EQK Portage, LLC, which owns approximately 49.2 acres of land in Kent, OH. We purchased the land for development at a total purchase price of $5.4 million, consisting of $2.0 million in cash and a 3.4 million note payable. The note has an interest rate of 10% and a maturity date of November 13, 2024.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">In addition, we purchased notes receivables from related parties for an aggregate purchase price of $7.4 million. No gain or loss was recognized from the purchase of the notes receivables (refer to Note 5).</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">As of March 31, 2020, we owned 1,657 units in ten residential apartment communities, and seven commercial properties comprising of approximately 1.7 million rentable square feet.&nbsp; In addition, we own approximately 1,982acres of land held for development. The Company currently owns income-producing properties and land in eight states.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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. 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. 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. Pillar also serves as an Advisor and Cash Manager to TCI and IOR.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>Critical Accounting Policies</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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>
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    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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 VAA and Gruppa Florentina, LLC are accounted for under the equity method.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b>Real Estate</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">A variety of costs are incurred in the acquisition, development and leasing of properties. After determination is made to capitalize a cost, it is allocated to the specific component of a project that is benefited. Determination of when a development project is substantially complete and capitalization must cease involves a degree of judgment. 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;. The costs of land and buildings under development include specifically identifiable costs. 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. 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>Depreciation and Impairment</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>Investments in Unconsolidated Real Estate Ventures</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b>Recognition of Rental Income</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">The Company owns and operates multifamily apartment communities that generate rental and other property related income through the leasing of apartments to tenants. As of March 31, 2020, our apartment leases generally have initial terms of 12 months or less and the rental revenue is recognized on an accrual basis when due from tenants in accordance with ASC 842, Leases. These leases are generally renewable at the end of the lease term subject to potential increases in rental rates. Collection of the rental payments is determined to be probable at lease commencement, so the payments are generally due and collected on a monthly basis and recognized monthly as earned, which is not materially different than on a straight-line basis, as lease terms are normally for periods of one year or less. In addition, in circumstances where a lease incentive is provided to tenants, the incentive is recognized as a reduction of lease revenue on a monthly basis consistent with rental payment revenue recognition. Lease revenue also includes all pass-through revenue from leases and common area maintenance reimbursements. These services represent non-lease components in a contract as the Company transfers a service to the lessee other than the right to use the underlying asset. The Company has elected the practical expedient under the leasing standard to not separate lease and non-lease components as the timing and pattern of revenue recognition for the non-lease component and related lease component are the same and the combined single lease component would be classified as an operating lease.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b>Revenue Recognition on the Sale of Real Estate</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b>Non-Performing Notes Receivable</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b>Interest Recognition on Notes Receivable</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b>Allowance for Estimated Losses</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b>Fair Value of Financial Instruments</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <table style="width: 100%; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0">
        <tr>
            <td style="width: 7%; vertical-align: top; text-align: left;">
                <p style="margin-left: 0; margin-right: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">Level 1</p>
            </td>
            <td style="width: 3%; vertical-align: top; text-align: left;">&nbsp;&nbsp;&#x2013;</td>
            <td style="width: 90%; vertical-align: top; text-align: left;">
                <p style="margin-left: 0; margin-right: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">Unadjusted quoted prices for identical and unrestricted assets or liabilities in active markets.</p>
            </td>
        </tr>
        <tr>
            <td style="vertical-align: top; text-align: left;">
                <p style="margin-left: 0; margin-right: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: top; text-align: left;">&nbsp;</td>
            <td style="vertical-align: top; text-align: left;">
                <p style="margin-left: 0; margin-right: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="vertical-align: top; text-align: left;">
                <p style="margin-left: 0; margin-right: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">Level 2</p>
            </td>
            <td style="vertical-align: top; text-align: left;">&nbsp;&nbsp;&#x2013;</td>
            <td style="vertical-align: top; text-align: left;">
                <p style="margin-left: 0; margin-right: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</p>
            </td>
        </tr>
        <tr>
            <td style="vertical-align: top; text-align: left;">
                <p style="margin-left: 0; margin-right: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
            <td style="vertical-align: top; text-align: left;">&nbsp;</td>
            <td style="vertical-align: top; text-align: left;">
                <p style="margin-left: 0; margin-right: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="vertical-align: top; text-align: left;">
                <p style="margin-left: 0; margin-right: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">Level 3</p>
            </td>
            <td style="vertical-align: top; text-align: left;">&nbsp;&nbsp;&#x2013;</td>
            <td style="vertical-align: top; text-align: left;">
                <p style="margin-left: 0; margin-right: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">Unobservable inputs that are significant to the fair value measurement.</p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>Related Parties</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; 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-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b>Results of Operations</b></p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">The following discussion and analysis is based on our Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019, as included in Part I, Item 1. &#x201C;Financial Statements&#x201D; of this report. At March 31, 2020 and 2019, we owned or had interests in a portfolio of ten and nine income-producing properties, respectively.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif;"><b><i><b>Comparison of the three months ended March 31, 2020 to the same period ended 2019:</b></i>
        </b>
    </p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">For the three months ended March 31, 2020, we reported net income applicable to common shares of 2.9 million or $0.18 per diluted earnings per share, as compared to a net loss applicable to common shares of $6.1 million or $0.38 per diluted earnings per share for the same period ended 2019.</p>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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    <p style="margin: 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;">
        <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Revenues</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;">Rental and other property revenues were $11.9 million for the three months ended March 31, 2020, and 2019. For the quarter ended March 31, 2020, the Company generated revenues of $7.9 million and $4.0 million from its commercial and residential segments, respectively.</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;">Expenses</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;">Property operating expenses increased by $0.3 million to $6.3 million for the three months ended March 31, 2020 as compared to $6.0 million for the same period in 2019. The increase in property operating expenses is due to an increase in real estate taxes of approximately $0.5 million offset by an overall decrease in general property operating and maintenance expenses of $0.2 million.</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;">Depreciation and amortization increased by $0.3 million to&nbsp;$3.4 million&nbsp;during the three months ended&nbsp;March&nbsp;31, 2020&nbsp;as compared to&nbsp;$3.1 million&nbsp;for the three months ended&nbsp;March&nbsp;31, 2019. The increase in depreciation is due to an increase in our ownership of residential apartments to ten from nine for the same period a year ago which resulted in an increase in depreciation of $0.9 million from $0.7 million a year ago.</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;">General and administrative expense was $2.8 million for the three months ended March 31, 2020, compared to $2.5 million for the same period in 2019. The increase of $0.3 million in general and administrative expenses was primarily due to increases professional fees of $0.1 million and legal fees of $0.3 million.</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;">Franchise taxes and other expenses was $1.5 million for the three months ended March 31, 2020, compared to $0.125 million for the same period in 2019. The increase of $1.4 million in franchise taxes and other expenses was primarily due to increases in franchise taxes of $1.0 million.</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;"><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;">Interest income was $5.8 million for the three months ended March 31, 2020, compared to $6.2 million for the same period in 2019.&nbsp;The&nbsp;decrease of $0.4 million was due to decrease in interest of $0.4 on receivables from related parties.</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;">Other income decreased by $2.5 million to $1.2 million for the three months ended March 31, 2020, compared to $3.7 million for the same period in 2019. For the quarter just ended March 31, 2020, the Company received property tax refunds of approximately $0.2 million, and recorded miscellaneous income of approximately $1.0 million. For the same period a year ago, the Company recognized $3.6 million gain associated with the sale of land held by IOR to third parties.</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&nbsp;$9.6 million&nbsp;for the three months ended&nbsp;March&nbsp;31, 2020, compared to $9.9 million for the same period in 2019.</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;">Foreign currency transaction&nbsp;was a gain of $7.8 million for the three months ended March 31, 2020 as compared to a loss of $5.8 million for the same period in 2019. The unrealized gain was the result of the strengthening of the U.S. Dollar against the Israel Shekels due to perceived liquidity issues in Israel most likely as a result of the global pandemic outbreak. During the first quarter just ended, we paid $11.6 million in Series A bond principal and $7.3 million in interests payments to our Series A, B, and C bonds denominated in Israel Shekels.</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;">Loss from unconsolidated investments was a net $0.26 million for the three months ended March 31, 2020 as compared to a net loss of $1.0 million for the three months ended March 31, 2019. The loss from unconsolidated investments during the first quarter just ended was driven primarily from our share in the losses reported by the VAA Joint Venture of $0.376 million.</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;">Gain on land sales was $4.1 for the three months ended March 31, 2020, compared to $2.2 million for the same period in 2019. In the current period we sold approximately 18.7 acres of land for a sales price of $5.7 million which resulted in a gain of $4.1 million. For the same period in 2019, we sold approximately 22.3 acres of land for a sales price of $8.7 million which resulted in a gain of $2.2 million.&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;">&nbsp;</font>
    </p>
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        <font style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</font>
    </p>
    <p style="margin: 0pt 0; 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>
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        <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
    </p>
    <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">
        <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Our principal liquidity needs are:</b></font>
    </p>
    <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">
        <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
    </p>
    <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0">
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="width: 24px; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="width: 24px; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&#x25CF;</font>
            </td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">fund normal recurring expenses;</font>
            </td>
        </tr>
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
    </table>
    <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0">
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="width: 24px; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="width: 24px; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&#x25CF;</font>
            </td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">meet debt service and principal repayment obligations including balloon payments on maturing debt;</font>
            </td>
        </tr>
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
    </table>
    <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0">
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="width: 24px; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="width: 24px; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&#x25CF;</font>
            </td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">fund capital expenditures, including tenant improvements and leasing costs;</font>
            </td>
        </tr>
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
    </table>
    <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0">
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="width: 24px; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="width: 24px; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&#x25CF;</font>
            </td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">fund development costs not covered under construction loans; and</font>
            </td>
        </tr>
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
    </table>
    <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0">
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="width: 24px; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="width: 24px; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&#x25CF;</font>
            </td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">fund possible property acquisitions.</font>
            </td>
        </tr>
    </table>
    <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;">
        <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Our principal sources of cash have been and will continue to be:</b></font>
    </p>
    <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">
        <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
    </p>
    <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0">
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                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="width: 24px; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&#x25CF;</font>
            </td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">property operations;</font>
            </td>
        </tr>
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
    </table>
    <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0">
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="width: 24px; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="width: 24px; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&#x25CF;</font>
            </td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">proceeds from land and income-producing property sales;</font>
            </td>
        </tr>
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
    </table>
    <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0">
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="width: 24px; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="width: 24px; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&#x25CF;</font>
            </td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">collection of mortgage notes receivable;</font>
            </td>
        </tr>
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
    </table>
    <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0">
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="width: 24px; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="width: 24px; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&#x25CF;</font>
            </td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">collection of receivables from related party companies;</font>
            </td>
        </tr>
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
    </table>
    <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0">
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="width: 24px; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="width: 24px; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&#x25CF;</font>
            </td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">refinancing of existing debt; and</font>
            </td>
        </tr>
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
    </table>
    <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0">
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="width: 24px; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="width: 24px; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&#x25CF;</font>
            </td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">additional borrowing, including mortgage notes, mezzanine financing and lines of credit.</font>
            </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;">
        <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">We draw on multiple financing sources to fund our long-term capital needs. We generally fund our development projects with construction loans. Management anticipates that our available cash from property operations may not be sufficient to meet all of our cash requirements. Management intends to selectively sell land and income-producing assets, refinance or extend real estate debt and seek additional borrowing secured by real estate to meet its liquidity requirements. Although the past cannot predict the future, historically, management has been successful at extending a portion of our current maturity obligations and selling assets as necessary to meet current obligations.</font>
    </p>
    <p style="margin: 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;"><b>Cash Flow Summary</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;">
            <br> The following summary discussion of our cash flows is based on the statements of cash flows as presented in Part I Item 1. &#x201C;Financial Statements&#x201D; and is not meant to be an all-inclusive discussion of the changes in our cash flow (dollars in thousands):</font>
    </p>
    <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>
    <table style="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
        <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">For the Three Months
                <br> Ended March 31,</td>
            <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td>
            <td style="padding-bottom: 1pt;">&nbsp;</td>
            <td colspan="2">&nbsp;</td>
            <td style="padding-bottom: 1pt;">&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">2020</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">2019</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">Incr /(Decr)</td>
            <td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="width: 61%; text-align: left;">Net cash (used in) operating activities</td>
            <td style="width: 1%;">&nbsp;</td>
            <td style="width: 1%; text-align: left;">$</td>
            <td style="width: 10%; text-align: right;">(11,602</td>
            <td style="width: 1%; text-align: left;">)</td>
            <td style="width: 1%;">&nbsp;</td>
            <td style="width: 1%; text-align: left;">$</td>
            <td style="width: 10%; text-align: right;">(16,449</td>
            <td style="width: 1%; text-align: left;">)</td>
            <td style="width: 1%;">&nbsp;</td>
            <td style="width: 1%; text-align: left;">$</td>
            <td style="width: 10%; text-align: right;">4,847</td>
            <td style="width: 1%; text-align: left;">&nbsp;</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="text-align: left;">Net cash provided by (used in) investing activities</td>
            <td>&nbsp;</td>
            <td style="text-align: left;">$</td>
            <td style="text-align: right;">5,434</td>
            <td style="text-align: left;">&nbsp;</td>
            <td>&nbsp;</td>
            <td style="text-align: left;">$</td>
            <td style="text-align: right;">(5,431</td>
            <td style="text-align: left;">)</td>
            <td>&nbsp;</td>
            <td style="text-align: left;">$</td>
            <td style="text-align: right;">10,865</td>
            <td style="text-align: left;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="text-align: left;">Net cash (used in) financing activities</td>
            <td>&nbsp;</td>
            <td style="text-align: left;">$</td>
            <td style="text-align: right;">(9,039</td>
            <td style="text-align: left;">)</td>
            <td>&nbsp;</td>
            <td style="text-align: left;">$</td>
            <td style="text-align: right;">(3,608</td>
            <td style="text-align: left;">)</td>
            <td>&nbsp;</td>
            <td style="text-align: left;">$</td>
            <td style="text-align: right;">(5,431</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>
        </tr>
    </table>
    <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;">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.</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>
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    <p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">
        <font style="font: 10pt Times New Roman, Times, Serif;">&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;">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 three months ended March 31, 2020, we advanced $0.768 million toward various notes receivable, purchased land for development for $2.0 million, and invested approximately $7.7 million for the development of new properties and improvement of income producing properties. For the three months ended March 31, 2019,&nbsp;we advanced $0.385 million toward various notes receivable, purchased land for development for $2.5 million, and invested approximately $11.5 million for the development of new properties and improvement of income producing properties.</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;">Our primary sources of cash from investing activities are from the proceeds on the sale of land and income-producing properties. During the three months ended March 31, 2020, we received aggregate sales proceeds of $5.6 million from the sale of 18.7 acres of land and recorded a gain of $4.1 million. In addition, collected $5.0 million on note receivables and received $5.6 million on distributions from one of our equity investees. For the three months ended March 31, 2019, we received aggregate sales proceeds of $8.7 million from the sale of 22.3 acres of land and recorded a gain of $2.2 million.</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;">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.</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;">During the three months ended March 31, 2020, the decrease in cash flow from financing activities is primarily due to a payment on bond principal of $11.6 million, and payments on our outstanding notes of $2.6 million, offset by proceeds from borrowings of approximately $5.1 million. During the three months ended March 31, 2019, the decrease in cash flow from financing activities is primarily due to a payment on bond principal of $10.4 million, and payments on our outstanding notes of $1.2 million, offset by proceeds from borrowings of approximately $8.0 million.</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;"><b>Environmental Matters</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;">Under various federal, state and local environmental laws, ordinances and regulations, we may be potentially liable for removal or remediation costs, as well as certain other potential costs relating to hazardous or toxic substances (including governmental fines and injuries to persons and property) where property-level managers have arranged for the removal, disposal or treatment of hazardous or toxic substances. In addition, certain environmental laws impose liability for release of asbestos-containing materials into the air, and third parties may seek recovery for personal injury associated with such materials.</font>
    </p>
    <p style="margin: 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;">Management is not aware of any environmental liability relating to the above matters that would have a material adverse effect on our business, assets or results of operations.</font>
    </p>
    <p style="margin: 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; font: 10pt Times New Roman, Times, Serif;">
        <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Inflation</b></font>
    </p>
    <p style="margin: 0pt 0; 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;">The effects of inflation on our operations are not quantifiable. Revenues from property operations tend to fluctuate proportionately with inflationary increases and decreases in real estate costs. Fluctuations in the rate of inflation also affect the sales values of properties and the ultimate gains to be realized from property sales. To the extent that inflation affects interest rates, earnings from short-term investments and the cost of new financings as well as the cost of variable interest rate debt will be affected.</font>
    </p>
    <p style="margin: 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; font: 10pt Times New Roman, Times, Serif;">
        <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Tax Matters</b></font>
    </p>
    <p style="margin: 0pt 0; 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;">ARL is a member of the May Realty Holdings, Inc., (&#x201C;MRHI&#x201D;) consolidated group for federal income tax reporting. There is a tax sharing and compensating agreement between ARL, Income Opportunities Realty Investors, Inc. (&#x201C;IOR&#x201D;), and Transcontinental Realty Investors, Inc. (&#x201C;TCI&#x201D;).</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;">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.</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>
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        <font style="font: 10pt Times New Roman, Times, Serif;">&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;">For the quarter ended March 31, 2020, ARL had income before income taxes of $4.6 million driven mostly by the unrealized gain in foreign currency of $7.8 million which for federal income tax purposes is not&nbsp;taxable and therefore produces a loss before income taxes, and as such, the Company did not recognize a tax expense.</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>
    <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0">
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            <td style="width: 1in; white-space: nowrap; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><a name="arls10q033120a010"></a>ITEM 3.&nbsp;</b></font>
            </td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS</b></font>
            </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;">
        <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">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. 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. 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.</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;">As of March 31, 2020, our outstanding notes payable balance was $267.3 million, out of which $263.6&nbsp;million were notes with fixed interest rates and $3.7 million represented a note with a variable interest rate of 9.75%. If our variable interest rates increased 100 basis points, we estimate that total annual interest cost, would increase by $0.01 million, and would result in a decrease of $0.001 in our earnings per share.</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;">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 approximately 5.1% at March 31, 2020.</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>
    <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0">
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="width: 1in; white-space: nowrap; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><a name="arls10q033120a011"></a>ITEM 4.&nbsp;&nbsp;</b></font>
            </td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>CONTROLS AND PROCEDURES</b></font>
            </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;">
        <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Based on an evaluation by our management (with the participation of our Principal Executive Officer and Principal Financial Officer), as of the end of the period covered by this report, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the &#x201C;Exchange Act&#x201D;), were effective to provide reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to our management, including our Principal Executive Officer and Principal Financial Officer, to allow timely decisions regarding required disclosures.</font>
    </p>
    <p style="margin: 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;">There has been no change in our internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)) during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.</font>
    </p>
    <p style="margin: 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>
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        <p style="margin: 0pt">&nbsp;</p>
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    <p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">
        <font style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</font>
    </p>
    <p style="margin-bottom: 0; margin-left: 0in; margin-top: 0; text-align: justify; text-indent: 0in; font: 10pt Times New Roman, Times, Serif;">
        <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>PART&nbsp;II. </b></font><a name="arls10q033120a012"></a>
        <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b> OTHER INFORMATION</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>
    <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0">
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            <td style="width: 1in; white-space: nowrap; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>ITEM 2.&nbsp;&nbsp;</b></font>
            </td>
            <td style="text-align: justify; white-space: nowrap; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><a name="arls10q033120a013"></a>UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS</b></font>
            </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;">
        <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">On September 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 first quarter of 2020. As of March 31, 2020, 986,750 shares have been purchased and 263,250 shares may be purchased under the program.</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; font: 10pt Times New Roman, Times, Serif;">
        <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><a name="arls10q033120a014"></a>ITEM 6. &nbsp;EXHIBITS</b></font>
    </p>
    <p style="margin: 0pt 0; 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;">The following exhibits are filed herewith or incorporated by reference as indicated below:</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>
    <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
        <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif;">
            <td style="border-bottom: black 1pt solid; width: 15%; white-space: nowrap; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Exhibit</b>&nbsp;
                    <br> <b>Number</b></font>
            </td>
            <td style="width: 1%; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="border-bottom: black 1pt solid; width: 84%; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Description of Exhibit&nbsp;</b></font>
            </td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/1102238/000093066100002955/0000930661-00-002955-0002.txt">3.0</a></font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Certificate of Restatement of Articles of Incorporation of American Realty Investors, Inc. dated August 3, 2000 (incorporated by reference to Exhibit 3.0 to the Registrant&#x2019;s Quarterly Report on Form 10-Q for the quarter ended September 30, 2000).</font>
            </td>
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        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
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        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/1102238/000093066100002955/0000930661-00-002955-0003.txt">3.1</a></font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Certificate of Correction of Restated Articles of Incorporation of American Realty Investors, Inc. dated August 29, 2000 (incorporated by reference to Exhibit 3.1 to Registrant&#x2019;s Quarterly Report on Form 10-Q dated September 30, 2000).</font>
            </td>
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        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="color: blue; font-family: Times New Roman, Times, Serif; font-size: 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/1102238/000119312503081992/dex33.htm">3.2</a></font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">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 23, 2003 (incorporated by reference to Exhibit 3.3 to Registrant&#x2019;s Quarterly Report on Form 10-Q for the quarter ended September 30, 2003).</font>
            </td>
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        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="color: blue; font-family: Times New Roman, Times, Serif; font-size: 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/1102238/000119312503081992/dex34.htm">3.3</a></font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">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 30, 2003).</font>
            </td>
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        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/1102238/000093066199002922/0000930661-99-002922.txt#http://www.sec.gov/Archives/edgar/data/1102238/000093066199002922/0000930661-99-002922.txt">3.4</a></font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Bylaws of American Realty Investors, Inc. (incorporated by reference to Exhibit 3.2 to Registrant&#x2019;s Registration Statement on Form S-4 filed December 30, 1999).</font>
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        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="color: blue; font-family: Times New Roman, Times, Serif; font-size: 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/1102238/000093066102001003/dex41.txt">4.1</a></font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Certificate of Designations, Preferences and Relative Participating or Optional or Other Special Rights, and Qualifications, Limitations or Restrictions Thereof of Series F Redeemable Preferred Stock of American Realty Investors, Inc., dated June 11, 2001 (incorporated by reference to Exhibit 4.1 to the Registrant&#x2019;s Annual Report on Form 10-K for the year ended December 31, 2001).</font>
            </td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="color: blue; font-family: Times New Roman, Times, Serif; font-size: 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/1102238/000093066102002953/dex30.txt">4.2</a></font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Certificate of Withdrawal of Preferred Stock, Decreasing the Number of Authorized Shares of and Eliminating Series F Redeemable Preferred Stock, dated June 18, 2002 (incorporated by reference to Exhibit 3.0 to the Registrant&#x2019;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2002).</font>
            </td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="color: blue; font-family: Times New Roman, Times, Serif; font-size: 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/1102238/000093066103001721/dex43.txt">4.3</a></font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Certificate of Designation, Preferences and Rights of the Series I Cumulative Preferred Stock of American Realty Investors, Inc., dated February 3, 2003 (incorporated by reference to Exhibit 4.3 to the Registrant&#x2019;s Annual Report on Form 10-K for the year ended December 31, 2002).</font>
            </td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="color: blue; font-family: Times New Roman, Times, Serif; font-size: 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/1102238/000095013406005878/d34423exv4w4.htm">4.4</a></font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Certificate of Designation for Nevada Profit Corporations designating the Series J 8% Cumulative Convertible Preferred Stock as filed with the Secretary of State of Nevada on March 16, 2006 (incorporated by reference to Registrant&#x2019;s current report on Form 8-K for event of March 16, 2006).</font>
            </td>
        </tr>
    </table>
    <p style="margin: 0;">&nbsp;</p>
    <!-- Field: Page; Sequence: 5; Value: 30-->
    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">
        <p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
            <!-- Field: Sequence; Type: Arabic; Name: PageNo-->34
            <!-- Field: /Sequence -->
        </p>
    </div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">
        <p style="margin: 0pt">&nbsp;</p>
    </div>
    <!-- Field: /Page -->
    <p style="margin: 0;">&nbsp;</p>
    <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="width: 15%; vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="color: blue; font-family: Times New Roman, Times, Serif; font-size: 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/1102238/000101054913000317/aril8kex45051313.htm">4.5</a></font>
            </td>
            <td style="width: 1%; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="width: 84%; vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">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;</font>
            </td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="color: blue; font-family: Times New Roman, Times, Serif; font-size: 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/1102238/000095012311042716/d81819exv10w1.htm">10.1</a></font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">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 2, 2011).</font>
            </td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="width: 13%; vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;10.2</font>
            </td>
            <td style="width: 1%; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="width: 86%; vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Second Amendment to Modification of Stipulation of Settlement dated October 17, 2001 (incorporated by reference to Exhibit 10.1 to the Registrant&#x2019;s Registration Statement on Form S-4, dated February 24, 2002).</font>
            </td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="color: blue; font-family: Times New Roman, Times, Serif; font-size: 10pt;"><a href="ex31-1.htm">31.1*</a></font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Certification by the Principal Executive Officer pursuant to Rule 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as amended.</font>
            </td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="color: blue; font-family: Times New Roman, Times, Serif; font-size: 10pt;"><a href="ex31-2.htm">31.2*</a></font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Certification by the Principal Financial Officer pursuant to Rule 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as amended.</font>
            </td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="color: blue; font-family: Times New Roman, Times, Serif; font-size: 10pt;"><a href="ex32-1.htm">32.1*</a></font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Certification pursuant to 18 U.S.C. 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</font>
            </td>
        </tr>
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
        </tr>
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">101.INS</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">XBRL Instance Document</font>
            </td>
        </tr>
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
        </tr>
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">101.SCH</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <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; font: 10pt Times New Roman, Times, Serif;">
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
        </tr>
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">101.CAL</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <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; font: 10pt Times New Roman, Times, Serif;">
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
        </tr>
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">101.DEF</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <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; font: 10pt Times New Roman, Times, Serif;">
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
        </tr>
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">101.LAB</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <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; font: 10pt Times New Roman, Times, Serif;">
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
        </tr>
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="text-align: center; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">101.PRE</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <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;">&nbsp;</p>
    <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0">
        <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
            <td style="width: 0.25in; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><sup>*</sup></font>
            </td>
            <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Filed herewith.</font>
            </td>
        </tr>
    </table>
    <p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <!-- Field: Page; Sequence: 6; Value: 30-->
    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">
        <p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
            <!-- Field: Sequence; Type: Arabic; Name: PageNo-->35
            <!-- Field: /Sequence -->
        </p>
    </div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">
        <p style="margin: 0pt">&nbsp;</p>
    </div>
    <!-- Field: /Page -->
    <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-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;<b>SIGNATURE PAGE</b></font>
    </p>
    <p style="margin: 0pt 0; text-align: center; 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;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</font>
    </p>
    <p style="margin: 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>
    <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap; font: 10pt Times New Roman, Times, Serif;" colspan="2">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">AMERICAN REALTY INVESTORS, INC.</font>
            </td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="vertical-align: bottom; white-space: nowrap; font: 10pt Times New Roman, Times, Serif;" colspan="2">&nbsp;</td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="width: 50%; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="width: 3%; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="width: 47%; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Date: May 15, 2020</font>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">By:</font>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">/s/ Daniel J. Moos</font>
            </td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Daniel J. Moos</font>
            </td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif;">
                <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">President and Chief Executive Officer&nbsp;&nbsp;</font>
                </p>
                <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">(Principal Executive Officer)&nbsp;</font>
                </p>
            </td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Date: May 15, 2020</font>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">By:</font>
            </td>
            <td style="border-bottom: black 1pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">/s/ Alla Dzyuba</font>
            </td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Alla Dzyuba</font>
            </td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif;">
            <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif;">
                <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">&nbsp;</font>
            </td>
            <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif;">
                <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Vice President and Chief Accounting Officer&nbsp;&nbsp;</font>
                </p>
                <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">
                    <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">(Principal Financial Officer)&nbsp;&nbsp;</font>
                </p>
            </td>
        </tr>
    </table>
    <p style="margin: 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;</p>
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<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>ex31-1.htm
<DESCRIPTION>CERTIFICATION BY THE PRINCIPAL EXECUTIVE OFFICER
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<P STYLE="margin: 0">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><A HREF="arl-10q_033120.htm">American Realty Investors, Inc. - 10-Q</A></P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
    have reviewed this quarterly report on Form 10-Q of American Realty Investors, Inc.;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
    on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
    to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect
    to the period covered by this report;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
    on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
    material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period
    presented in this report;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    registrant&rsquo;s other certifying officers(s) and I are responsible for establishing and maintaining disclosure controls
    and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as
    defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designed
    such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
    to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to
    us by others within those entities, particularly during the period in which this report is being prepared;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designed
    such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under
    our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
    statements for external purposes in accordance with generally accepted accounting principles;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaluated
    the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions
    about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based
    on such evaluations; and</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosed
    in the report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s
    most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially
    affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting;
    and</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    registrant&rsquo;s other certifying officers(s) and I have disclosed, based on our most recent evaluation of internal control
    over financial reporting, to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors
    (or persons performing the equivalent functions):</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
    significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
    are reasonably likely to adversely affect the Registrant&rsquo;s ability to record, process, summarize and report financial
    information; and</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s
    internal control over financial reporting.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
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<TR>
    <TD STYLE="vertical-align: top; width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    May 15, 2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 47%; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Daniel J. Moos</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daniel
    J. Moos</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President
and Chief Executive Officer&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal
Executive Officer)</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right">&nbsp;</P>

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

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<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>ex31-2.htm
<DESCRIPTION>CERTIFICATION BY THE PRINCIPAL ACCOUNTING OFFICER
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<P STYLE="margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><A HREF="arl-10q_033120.htm">American Realty Investors, Inc. - 10-Q</A></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I,
Alla Dzyuba, certify that:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
    have reviewed this quarterly report on Form 10-Q of American Realty Investors, Inc.;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
    on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
    to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect
    to the period covered by this report;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">

    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
    on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
    material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period
    presented in this report;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    registrant&rsquo;s other certifying officers(s) and I are responsible for establishing and maintaining disclosure controls
    and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as
    defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designed
    such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
    to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to
    us by others within those entities, particularly during the period in which this report is being prepared;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designed
    such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under
    our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
    statements for external purposes in accordance with generally accepted accounting principles;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaluated
    the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions
    about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based
    on such evaluations; and</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosed
    in the report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s
    most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially
    affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting;
    and</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">

    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    registrant&rsquo;s other certifying officers(s) and I have disclosed, based on our most recent evaluation of internal control
    over financial reporting, to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors
    (or persons performing the equivalent functions):</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
    significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
    are reasonably likely to adversely affect the Registrant&rsquo;s ability to record, process, summarize and report financial
    information; and</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s
    internal control over financial reporting.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 50%; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    May 15, 2020</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 47%; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Alla Dzyuba</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alla
    Dzyuba</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice
President and Chief Accounting Officer&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal
Financial Officer)</FONT></P></TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>ex32-1.htm
<DESCRIPTION>CERTIFICATION BY THE PRINCIPAL EXECUTIVE OFFICER & PRINCIPAL ACCOUNTING OFFICER
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><A HREF="arl-10q_033120.htm">American Realty Investors, Inc. - 10-Q</A></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Certification
pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Of
the Sarbanes-Oxley Act of 2002</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of the undersigned officers of American Realty Investors, Inc., a Nevada corporation (the &ldquo;Company&rdquo;) hereby certifies
that:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company&rsquo;s Quarterly Report on Form 10-Q for the three
months ended March 31, 2020 fully complies with the requirements of Section&nbsp;13(a) of the Securities Exchange Act of 1934,
as amended; and</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The information contained in the Company&rsquo;s Quarterly Report
on Form 10-Q for the three months ended March 31, 2020 fairly presents in all material respects, the financial condition and results
of operations of the Company, at and for the period indicated.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 47%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMERICAN
    REALTY INVESTORS, INC.</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    May 15, 2020</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Daniel J. Moos</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daniel
    J. Moos</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President
and Chief Executive Officer&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal
Executive Officer)</FONT></P></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    May 15, 2020</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Alla Dzyuba</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alla
    Dzyuba</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice
President and Chief Accounting Officer&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal
Financial Officer)&nbsp;</FONT></P></TD></TR>
</TABLE>


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INVESTMENT IN VAA&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;On November 19, 2018, TCI executed an agreement&#13;with Macquarie Group (&amp;#8220;Macquarie&amp;#8221;) to create a joint venture, Victory Abode Apartments, LLC (&amp;#8220;VAA&amp;#8221;) to&#13;address existing and future demand for quality multifamily residential housing through acquisition and development of sustainable&#13;Class A multifamily housing in focused secondary and tertiary markets.&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 accounts for its investment&#13;in VAA under the equity method of accounting. 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   &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 1,239,252&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 1,257,557&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Other assets&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;48,968&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;67,020&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Debt, net&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(834,826&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(796,065&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Other liabilities&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(261,620&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(275,448&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Total equity&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(191,774&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(253,064&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 90%; margin-left: 5.4pt; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;For the Three Months Ended March 31, &lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; width: 37%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;&lt;b&gt;Results of Operations&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="width: 34%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Total revenue&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 29,660&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 27,401&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Total property, operating, and maintenance expenses&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(13,842&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(14,169&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Interest expense&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(15,074&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(15,070&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Depreciation and Amortization&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(7,657&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(15,233&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Total other expense&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(982&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(675&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Net loss&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (7,895&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (17,746&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.1pt; text-align: justify; text-indent: -55.1pt"&gt;Below&#13;is a reconciliation of our allocation of income or loss from VAA.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.1pt; text-align: justify; text-indent: -55.1pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 90%; margin-left: 5.4pt; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;For the Three Months Ended March 31, &lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="width: 71%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;VAA net loss&lt;/td&gt;&#13;    &lt;td style="width: 2%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (7,895&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (17,746&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Adjustments to reconcile to income (loss) from VAA&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Interest expense on mezzanine loan&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;5,873&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;6,089&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;In-place lease intangibles - amortization expense&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;8,336&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Depreciation basis differences&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;1,270&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;1,211&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Net loss&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (752&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (2,110&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Percentage ownership in VAA&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;50&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;%&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;50&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;%&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Loss from VAA&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (376&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (1,055&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</arl:InvestmentInVaaDisclosureTextBlock>
    <us-gaap:RealEstateDisclosureTextBlock contextRef="From2020-01-01to2020-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;b&gt;NOTE 3. 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 March 31, 2020 and December 31, 2019 (dollars in thousands):&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;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 80%; margin-left: 5.4pt; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="width: 69%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Apartments&lt;/td&gt;&#13;    &lt;td style="width: 2%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 12%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 157,753&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 12%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 156,173&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Apartments under construction&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;33,166&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;22,363&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Commercial properties&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;230,133&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;229,424&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Land held for development&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;61,782&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;62,037&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Real estate subject to sales contract&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;6,887&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;7,966&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Total real estate, at cost, less impairment&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 489,721&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 477,963&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Less accumulated deprecation&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(93,144&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(90,173&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Total real estate, net of depreciation&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 396,577&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 387,790&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&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 description of our significant&#13;real estate and financing transactions for the three months ended March 31, 2020:&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 border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; vertical-align: top"&gt;&#13;    &lt;td style="line-height: normal; width: 18pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-indent: 0px; width: 18pt; font-size-adjust: none; font-stretch: normal; text-align: justify"&gt;&amp;#9679;&lt;/td&gt;&#13;    &lt;td style="text-indent: 0px; font-size-adjust: none; font-stretch: normal; text-align: justify"&gt;Sold a combined 18.7 acres of land in Farmers Branch, Texas and Forney, Texas to third parties for an aggregate sales price of $5.7 million and recognized a gain on the sale of approximately $4.1 million.&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-indent: 0px"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; vertical-align: top"&gt;&#13;    &lt;td style="line-height: normal; width: 18pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-indent: 0px; width: 18pt; font-size-adjust: none; font-stretch: normal; text-align: justify"&gt;&amp;#9679;&lt;/td&gt;&#13;    &lt;td style="text-indent: 0px; font-size-adjust: none; font-stretch: normal; text-align: justify"&gt;Acquired 100% of the membership interest in EQK Portage, LLC, which owns approximately 49.2 acres of land in Kent, OH. The Company purchased the land for development at a purchase price of $5.4 million, consisting of $2.0 million in cash and a 3.4 million note payable. The note has an interest rate of 10% and a maturity date of November 13, 2024.&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-indent: 0px"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; vertical-align: top"&gt;&#13;    &lt;td style="line-height: normal; width: 18pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-indent: 0px; width: 18pt; font-size-adjust: none; font-stretch: normal; text-align: justify"&gt;&amp;#9679;&lt;/td&gt;&#13;    &lt;td style="text-indent: 0px; font-size-adjust: none; font-stretch: normal; text-align: justify"&gt;Purchased notes receivables from related parties for an aggregate purchase price of $7.4 million. No gain or loss was recognized from the purchase of the notes receivables (refer to Note 5).&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-indent: 0px"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; vertical-align: top"&gt;&#13;    &lt;td style="line-height: normal; width: 18pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-indent: 0px; width: 18pt; font-size-adjust: none; font-stretch: normal; text-align: justify"&gt;&amp;#9679;&lt;/td&gt;&#13;    &lt;td style="text-indent: 0px; font-size-adjust: none; font-stretch: normal; text-align: justify"&gt;Paid $11.6 million in Series A bond principal and $7.3 million interests payments in Series A, B and C bonds.&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-indent: 0px"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; vertical-align: top"&gt;&#13;    &lt;td style="line-height: normal; width: 18pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-indent: 0px; width: 18pt; font-size-adjust: none; font-stretch: normal; text-align: justify"&gt;&amp;#9679;&lt;/td&gt;&#13;    &lt;td style="text-indent: 0px; font-size-adjust: none; font-stretch: normal; text-align: justify"&gt;Converted $16.0 million to approximately 59.8 million (NIS) for the upcoming July 31, 2020 payment to the bond holders for principal and interest on Series A, B, and C Bonds.&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&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 continues to invest in the&#13;development of apartment projects. During the three months ended March 31, 2020, we have invested $5.4 million related to the&#13;construction or predevelopment of various apartment complexes out of which $0.3 million represents capitalized interest costs.&lt;/p&gt;</us-gaap:RealEstateDisclosureTextBlock>
    <us-gaap:CashFlowSupplementalDisclosuresTextBlock contextRef="From2020-01-01to2020-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="background-color: white"&gt;&lt;b&gt;NOTE&#13;4. SUPPLEMENTAL CASH FLOW INFORMATION&lt;/b&gt;&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;&lt;font style="background-color: white"&gt;For&#13;the three months ended March 31, 2020 and 2019, the Company paid interest expense of&amp;#160;$13.1 million and $10.9 million, respectively.&amp;#160;&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;&lt;font style="background-color: white"&gt;Cash&#13;and cash equivalents, and restricted cash for the three months ended March 31, 2020 and 2019 was $68.1 million and $81.1 million,&#13;respectively. The following is a reconciliation of the Company&amp;#8217;s cash and cash equivalents, and restricted cash to the total&#13;presented in the consolidated statement of cash flows&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;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 80%; margin-left: 5.4pt; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="width: 69%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Cash and cash equivalents&lt;/td&gt;&#13;    &lt;td style="width: 2%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 12%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 39,946&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 12%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 28,163&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Restricted cash (cash held in escrow)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;14,031&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;34,690&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Restricted cash (certificate of deposits)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;2,854&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;11,876&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Restricted cash (held with Trustee)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;11,273&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;6,398&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Total cash, cash equivalents and restricted cash&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 68,104&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 81,127&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&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;font style="background-color: white"&gt;Amounts&#13;included in restricted cash represent funds set aside to meet contractual obligations with certain financial institutions for&#13;the payment of reserve replacement deposits and tax and insurance escrow. In addition, restricted cash includes funds to the Bond&amp;#8217;s&#13;Trustee for payment of principal and interests.&lt;/font&gt;&lt;/p&gt;</us-gaap:CashFlowSupplementalDisclosuresTextBlock>
    <us-gaap:EquityMethodInvestmentsDisclosureTextBlock contextRef="From2020-01-01to2020-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;b&gt;NOTE 6. 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;The summary data presented below includes&#13;our investments accounted for under the equity method, except for our investment in VAA which is discussed in detail in Note 2&#13;&amp;#8216;Investment in VAA&amp;#8217;.&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 owns a 20% interest in Gruppa&#13;Florentina, LLC which is the sole shareholder of Milano Restaurants International Corporation, (&amp;#8220;Milano&amp;#8221;) which operates&#13;33 pizza parlors under the trade name &amp;#8220;Me-N-Ed&amp;#8217;s Pizza Parlors&amp;#8221; and four pizza parlors operating under the trade&#13;name &amp;#8220;Blast 825 Pizza&amp;#8221;, located primarily in Central and Northern California. Milano has a 100% ownership interest&#13;in Siena Corp, which operates two grills under the trade names &amp;#8220;Me-N-Ed&amp;#8217;s Victory Grill&amp;#8221; and &amp;#8220;Me-N-Ed&amp;#8217;s&#13;Coney Island Grill&amp;#8221;. Milano has a 100% ownership interest in Piazza del Pane, Inc., which operates two restaurants located&#13;in Central California. Milano also has 23 franchised locations, including two operating, under the trade name Angelo &amp;#38; Vito&amp;#8217;s&#13;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 as of March 31, 2020 and 2019 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;table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; font-weight: bold; line-height: normal; text-align: center; font-size-adjust: none; font-stretch: normal"&gt;For the period ended March 31,&lt;/td&gt;&#13;    &lt;td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="font-weight: bold; line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;SUMMARY OF FINANCIAL POSITION:&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; line-height: normal; text-align: center; font-size-adjust: none; font-stretch: normal"&gt;2020&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; line-height: normal; text-align: center; font-size-adjust: none; font-stretch: normal"&gt;2019&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="line-height: normal; width: 66%; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;Real estate, net of accumulated depreciation&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;$&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 14%; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;12,403&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;$&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 14%; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;13,530&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: white"&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;Notes receivable&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;11,053&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;11,508&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;Other assets&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;33,416&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;31,381&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: white"&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;Notes payable&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;(9,159&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;)&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;(9,853&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;Other liabilities&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;(7,052&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;)&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;(6,584&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: white"&gt;&#13;    &lt;td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;Shareholders&amp;#8217; equity/partners capital&lt;/td&gt;&#13;    &lt;td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;(40,661&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;)&lt;/td&gt;&#13;    &lt;td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;(39,982&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; font-weight: bold; line-height: normal; text-align: center; font-size-adjust: none; font-stretch: normal"&gt;For the three months ended March 31,&lt;/td&gt;&#13;    &lt;td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="font-weight: bold; line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;SUMMARY OF OPERATIONS:&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; line-height: normal; text-align: center; font-size-adjust: none; font-stretch: normal"&gt;2020&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; line-height: normal; text-align: center; font-size-adjust: none; font-stretch: normal"&gt;2019&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="line-height: normal; width: 66%; font-size-adjust: none; font-stretch: normal"&gt;Revenue&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;$&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 14%; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;13,414&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;$&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 14%; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;13,626&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: white"&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;Depreciation&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;(351&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;)&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;(364&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;Operating expenses&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;(12,342&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;)&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;(12,815&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: white"&gt;&#13;    &lt;td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;Interest expense&lt;/td&gt;&#13;    &lt;td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;(141&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;)&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;(156&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;Income (loss) from continuing operations&lt;/td&gt;&#13;    &lt;td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;580&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;291&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: white"&gt;&#13;    &lt;td style="line-height: normal; text-align: left; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal"&gt;Net income (loss)&lt;/td&gt;&#13;    &lt;td style="line-height: normal; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;580&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;291&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;Company&amp;#8217;s 20% proportionate share of earnings&lt;/td&gt;&#13;    &lt;td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;116&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;58&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:EquityMethodInvestmentsDisclosureTextBlock>
    <us-gaap:DebtDisclosureTextBlock contextRef="From2020-01-01to2020-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;NOTE 7. NOTES AND INTEREST 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 March&#13;31, 2020 and December 31, 2019 (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;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 70%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="width: 67%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Apartments&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 120,370&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 120,024&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Apartments under Construction&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;16,710&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;9,017&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Commercial&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;92,319&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;92,838&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Land&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;17,644&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;19,128&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Corporate and other notes&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;20,266&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;20,429&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Total notes payable&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 267,309&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 261,436&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Less: unamortized deferred borrowing costs&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(7,189&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(7,342&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Total outstanding notes payable, net&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 260,120&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 254,094&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Accrued Interest&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;849&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;779&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Total notes payable, net and accrued interest&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 260,969&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 254,873&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;During the three months ended March 31, 2020, the Company drew&#13;down $4.3 million in construction loans to fund the development of various apartment projects. In addition, TCI through one of&#13;its subsidiaries issued a note payable of $3.4 million to purchase land for development in Kent, Ohio. The note has an interest&#13;rate of 10% and a maturity date of November 13, 2024.&lt;/p&gt;</us-gaap:DebtDisclosureTextBlock>
    <arl:BondsAndBondsInterestPayableDisclosureTextBlock contextRef="From2020-01-01to2020-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;b&gt;NOTE 8. BONDS AND BONDS INTEREST PAYABLE&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;Following is the outstanding balance of SPC&amp;#8217;s Bonds and&#13;interest payable as of March 31, 2020 and December 31, 2019 (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;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 70%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="width: 66%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Bonds (Series A)&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 78,541&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 92,653&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Bonds (Series B)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;38,626&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;39,844&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Bonds (Series B expansion)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;20,281&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;20,920&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Bonds (Series C)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;77,139&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;79,572&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;&lt;b&gt;Total outstanding bonds&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 214,587&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 232,989&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Less: deferred bond issuance costs&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(8,946&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(9,724&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;&lt;b&gt;Total outstanding bonds, net&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;205,641&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;223,265&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Accrued Interest&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;2,191&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;6,457&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;&lt;b&gt;Total outstanding bonds, net and accrued interest&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 207,832&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 229,722&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The aggregate maturity of the bonds are as follows:&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;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 70%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&lt;b&gt;Year&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="width: 66%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;2020&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 11,220&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 23,148&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;2021&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;34,222&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;35,301&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;2022&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;34,222&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;35,301&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;2023&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;111,361&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;114,873&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;2024&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;11,781&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;12,153&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Thereafter&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;11,781&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;12,213&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 214,587&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 232,989&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&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;On January 31, 2020, the Company paid&#13;$11.6 million in Series A bond principal and $7.3 million in interests payments in Series A, B and C bonds, respectively.&lt;/p&gt;</arl:BondsAndBondsInterestPayableDisclosureTextBlock>
    <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="From2020-01-01to2020-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;NOTE 9.&amp;#160; 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;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;&#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 reconciliation&#13;of the beginning and ending balances of accounts receivable from and (accounts payable) to related parties as of March 31, 2020&#13;(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;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 60%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;Pillar&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="width: 77%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Related party receivable, December 31, 2019&lt;/td&gt;&#13;    &lt;td style="width: 3%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 16%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;85,996&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Cash transfers&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;2,911&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Advisory fees&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(2,287&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Net income fee&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(86&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Cost reimbursements&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(1,118&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Interest income&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;1,103&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Notes receivable purchased&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(7,368&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Expenses (paid) received by Advisor&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;21&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Financing (mortgage payments)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(240&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Intercompany property transfers&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(153&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Related party receivable, March 31, 2020&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 78,779&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
    <us-gaap:DeferredRevenueDisclosureTextBlock contextRef="From2020-01-01to2020-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;b&gt;NOTE 10. DEFERRED INCOME&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 previous years, the Company has sold&#13;properties to related parties where we have had continuing involvement in the form of management or financial assistance associated&#13;with the sale of the properties. Because of the continuing involvement associated with the sale, the sales criteria for the full&#13;accrual method is not met, and as such the Company has deferred some or all of the gain recognition and accounted for the sale&#13;by applying the finance, deposit, installment or cost recovery methods, as appropriate, until the sales criteria is met. The gain&#13;on these transactions have been deferred until the properties are sold to a non-related third party. As of March 31, 2020, we&#13;had deferred gain of $24.8 million.&lt;/p&gt;</us-gaap:DeferredRevenueDisclosureTextBlock>
    <us-gaap:SegmentReportingDisclosureTextBlock contextRef="From2020-01-01to2020-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;b&gt;NOTE 11. OPERATING SEGMENTS&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;Our segments are based on our method of&#13;internal reporting which classifies our operations by property type. Our property types are grouped into commercial properties,&#13;apartments, land and other operating segments. Significant differences among the accounting policies of the operating segments&#13;as compared to the Consolidated Financial Statements principally involve the calculation and allocation of administrative and other&#13;expenses. Management evaluates the performance of each of the operating segments and allocates resources to them based on their&#13;net operating income and cash flow.&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;Items of income that are not reflected&#13;in the segments are interest, other income, gain on debt extinguishment, gain on condemnation award, equity in partnerships and&#13;gains on sale of real estate. Expenses that are not reflected in the segments are provision for losses, advisory, net income and&#13;incentive fees, general and administrative, non-controlling interests and net loss from discontinued operations before gains on&#13;sale of real estate.&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 segment labeled as &amp;#8220;Other&amp;#8221;&#13;consists of revenue and operating expenses related to the notes receivable and corporate debt.&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;Presented below is our reportable segments&amp;#8217;&#13;operating income for the three months ended March 31, 2020 and 2019, including segment assets and expenditures (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;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;Commercial&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&lt;b&gt;For the Three Months Ended March 31, 2020&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;Properties&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;Apartments&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;Land&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;Other&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="width: 30%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Rental and other property revenues&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 7,884&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 4,032&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 2&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 11,918&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Property operating expenses&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(4,109&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(1,930&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(99&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(172&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(6,310&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Depreciation&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(2,522&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(872&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(3,394&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Mortgage and loan interest&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(1,371&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(1,172&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(281&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(6,778&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(9,602&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Interest income&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;5,754&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;5,754&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Gain on land sales&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;4,138&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;4,138&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Segment operating (loss) income&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (118&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 58&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 3,758&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (1,194&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 2,504&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Capital expenditures&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 709&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 7,033&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 2,000&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;9,742&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Real estate assets&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 148,424&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 179,484&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 68,669&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;396,577&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;&lt;b&gt;Property Sales&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Sales price&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 5,712&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 5,712&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Cost of sale&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(1,574&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(1,574&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Gain on sale&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 4,138&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 4,138&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;Commercial&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&lt;b&gt;For the Three Months Ended March 31, 2019&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;Properties&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;Apartments&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;Land&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;Other&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="width: 30%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Rental and other property revenues&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 8,227&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 3,700&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 2&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 11,929&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Property operating expenses&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(3,936&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(2,058&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;43&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(46&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(5,997&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Depreciation&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(2,375&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(734&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(3,109&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Mortgage and loan interest&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(1,967&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(934&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(329&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(6,738&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(9,968&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Interest income&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;6,153&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;6,153&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Gain on land sales&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;2,216&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;2,216&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Segment operating (loss) income&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (51&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (26&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 1,930&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (629&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 1,224&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Capital expenditures&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;3,690&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;5,167&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;8,857&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Real estate assets&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;154,791&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;150,841&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;80,845&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;386,477&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;&lt;b&gt;Property Sales&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Sales price&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 8,715&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 8,715&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Cost of sale&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(6,499&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(6,499&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Gain on sale&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 2,216&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 2,216&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&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 table below reflects the reconciliation&#13;of segment information to the corresponding amounts in the Consolidated Statements of Operations for the three months ended March&#13;31, 2020 and 2019 (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;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 70%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; vertical-align: bottom"&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;For the Three Months Ended&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; vertical-align: bottom"&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;March 31, &lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="width: 67%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Segment operating income&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 2,504&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 1,224&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Other non-segment items of income (expense)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="padding-left: 0.25in; text-indent: -0.25in; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;General and administrative&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(2,795&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(2,480&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="padding-left: 0.25in; text-indent: -0.25in; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Franchise taxes and other expenses&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(1,496&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(125&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="padding-left: 0.25in; text-indent: -0.25in; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Net income fee to related party&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(86&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(100&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="padding-left: 0.25in; text-indent: -0.25in; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Advisory fee to related party&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(2,287&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(1,853&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="padding-left: 0.25in; text-indent: -0.25in; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Other income&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;1,212&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;3,667&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="padding-left: 0.25in; text-indent: -0.25in; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Foreign Currency Transaction gain (loss)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;7,843&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(5,818&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="padding-left: 0.25in; text-indent: -0.25in; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Loss from joint venture&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(376&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(1,055&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="padding-left: 0.25in; text-indent: -0.25in; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Earnings from unconsolidated investees&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;116&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;58&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Net income (loss) from continuing operations&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 4,635&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (6,482&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&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 table below reflects a reconciliation&#13;of the segment information 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; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 70%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; vertical-align: bottom"&gt;&#13;    &lt;td style="white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;As of March 31,&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="width: 67%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Segment assets&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 396,577&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 386,477&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Investments in unconsolidated investees&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;62,131&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;75,634&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Notes and interest receivable&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;158,361&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;124,462&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Other assets&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;198,002&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;228,240&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Total assets&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 815,071&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 814,813&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:SegmentReportingDisclosureTextBlock>
    <us-gaap:SubsequentEventsTextBlock contextRef="From2020-01-01to2020-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;NOTE 14. SUBSEQUENT EVENTS&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;During 2020, a strain of coronavirus (&amp;#8220;COVID&#13;&amp;#8211; 19&amp;#8221;) was reported worldwide, resulting in decreased economic activity and concerns about the pandemic, which would&#13;adversely affect the broader global economy. The Company is taking all necessary steps to keep our business premises, tenants,&#13;vendors and employees in a safe environment and are constantly monitoring the impact of COVID &amp;#8211; 19.&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;As a result of the impact of COVID-19 on&#13;global financial markets, we have experienced volatility in foreign currency exchange rates. Extreme market volatility and disruption&#13;caused by COVID-19 may impact Company&amp;#8217;s ability to raise additional capital through debt financing activities, our ability&#13;to repay or refinance maturing liabilities, or impact the terms of any new obligations, which in turn may have an adverse impact&#13;on our credit ratings.&amp;#160; As we have no near term debt maturities we believe there is currently no adverse impact on the Company&#13;financing activities and credit ratings. The extent to which COVID-19 will impact our business and financial results will depend&#13;on future developments, which are highly uncertain and cannot be predicted at this time due to the rapid evolution of this uncertain&#13;situation.&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 date to which events occurring after&#13;March 31, 2020, the date of the most recent balance sheet, have been evaluated for possible adjustment to the Consolidated Financial&#13;Statements or disclosure is May 15, 2020, which is the date on which the Consolidated Financial Statements were available to be&#13;issued.&amp;#160;&lt;/p&gt;</us-gaap:SubsequentEventsTextBlock>
    <us-gaap:BasisOfAccountingPolicyPolicyTextBlock contextRef="From2020-01-01to2020-03-31">&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;#8220;U.S. GAAP&amp;#8221;) 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 three months ended March 31, 2019, are not necessarily&#13;indicative 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 31, 2019 was derived from the audited Consolidated Financial Statements at that date, but does not include all of&#13;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;#8217;s Annual Report on Form 10-K for the year ended&#13;December 31, 2019. Certain 2019 Consolidated Financial Statement amounts have been reclassified to conform to the 2020 presentation.&lt;/p&gt;</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
    <us-gaap:ConsolidationPolicyTextBlock contextRef="From2020-01-01to2020-03-31">&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;#8220;VIE&amp;#8221;), in accordance with the provisions and guidance of ASC Topic 810, &amp;#8220;Consolidation&amp;#8221;,&#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;#8220;EITF&amp;#8221;) Issue 04-5, Investor&amp;#8217;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;#8220;EITF 04-5&amp;#8221;). 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;#8217;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;#8217;&#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;&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&#13;in consolidated net income. Our investments in Gruppa Florentina, LLC and VAA are accounted for under the equity method.&lt;/p&gt;</us-gaap:ConsolidationPolicyTextBlock>
    <us-gaap:RealEstatePolicyTextBlock contextRef="From2020-01-01to2020-03-31">&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&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;#8220;ASC 360&amp;#8221;), &amp;#8220;Property,&#13;Plant and Equipment&amp;#8221;. Factors considered by management in evaluating impairment of its existing real estate assets held&#13;for 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;#8217;s net book value at the balance sheet date. If any real estate asset held for&#13;investment 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="From2020-01-01to2020-03-31">&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;#8220;held for sale.&amp;#8221; 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&#13;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&#13;book value or its estimated fair value, less costs to sell the asset. Subsequent to the classification of assets as held for sale,&#13;no 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;</us-gaap:RealEstateHeldForDevelopmentAndSalePolicy>
    <us-gaap:CapitalizationOfInternalCostsPolicy contextRef="From2020-01-01to2020-03-31">&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. We capitalize&#13;interest to qualifying assets under development based on average accumulated expenditures outstanding during the period. In capitalizing&#13;interest to qualifying assets, we first use the interest incurred on specific project debt, if any, and next use the weighted average&#13;interest rate of non-project specific debt. We capitalize interest, real estate taxes and certain operating expenses until building&#13;construction is substantially complete and the building is ready for its intended use, but no later than one year from the cessation&#13;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="From2020-01-01to2020-03-31">&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;#8220;Fair Value Measurements and Disclosures&amp;#8221;, 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;#8217;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 the&#13;transparency of inputs to the valuation of an asset or liability as of the measurement date and includes three levels defined as&#13;follows:&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 border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; vertical-align: top"&gt;&#13;    &lt;td style="width: 5%; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Level&amp;#160;1&lt;/td&gt;&#13;    &lt;td style="width: 2%; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="width: 93%; font-size-adjust: none; font-stretch: normal; text-align: justify"&gt;Unadjusted quoted prices for identical and unrestricted assets or liabilities in active markets.&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; vertical-align: top"&gt;&#13;    &lt;td style="text-align: justify; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Level&amp;#160;2&lt;/td&gt;&#13;    &lt;td style="text-align: justify; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="text-align: justify; font-size-adjust: none; font-stretch: normal"&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 style="line-height: normal; font-size-adjust: none; font-stretch: normal; vertical-align: top"&gt;&#13;    &lt;td style="text-align: justify; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Level&amp;#160;3&lt;/td&gt;&#13;    &lt;td style="text-align: justify; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="text-align: justify; font-size-adjust: none; font-stretch: normal"&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-top: 0pt; margin-bottom: 0pt"&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;#8217;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="From2020-01-01to2020-03-31">&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. Amortization is reflected as interest expense in&#13;the Consolidated Statements of Operations, with remaining terms ranging from 6 months to 40 years. Unamortized financing costs&#13;are written off when the financing agreement is extinguished before the maturity date.&lt;/p&gt;</us-gaap:DeferredChargesPolicyTextBlock>
    <us-gaap:EquityMethodInvestmentsTextBlock contextRef="From2020-01-01to2020-03-31">&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 of VAA (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;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 90%; margin-left: 5.4pt; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;For the period ended March 31,&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; width: 37%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;&lt;b&gt;Balance Sheet&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="width: 34%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Net real estate assets&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 1,239,252&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 1,257,557&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Other assets&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;48,968&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;67,020&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Debt, net&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(834,826&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(796,065&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Other liabilities&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(261,620&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(275,448&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Total equity&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(191,774&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(253,064&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 90%; margin-left: 5.4pt; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;For the Three Months Ended March 31, &lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; width: 37%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;&lt;b&gt;Results of Operations&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="width: 34%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Total revenue&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 29,660&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 27,401&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Total property, operating, and maintenance expenses&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(13,842&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(14,169&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Interest expense&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(15,074&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(15,070&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Depreciation and Amortization&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(7,657&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(15,233&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Total other expense&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(982&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(675&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Net loss&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (7,895&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (17,746&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.1pt; text-align: justify; text-indent: -55.1pt"&gt;Below&#13;is a reconciliation of our allocation of income or loss from VAA.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.1pt; text-align: justify; text-indent: -55.1pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 90%; margin-left: 5.4pt; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;For the Three Months Ended March 31, &lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="width: 71%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;VAA net loss&lt;/td&gt;&#13;    &lt;td style="width: 2%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (7,895&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (17,746&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Adjustments to reconcile to income (loss) from VAA&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Interest expense on mezzanine loan&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;5,873&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;6,089&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;In-place lease intangibles - amortization expense&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;8,336&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Depreciation basis differences&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;1,270&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;1,211&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Net loss&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (752&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (2,110&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Percentage ownership in VAA&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;50&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;%&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;50&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;%&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Loss from VAA&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (376&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (1,055&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:EquityMethodInvestmentsTextBlock>
    <us-gaap:RealEstateInvestmentFinancialStatementsDisclosureTextBlock contextRef="From2020-01-01to2020-03-31">&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 March 31, 2020 and December 31, 2019 (dollars in thousands):&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;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 80%; margin-left: 5.4pt; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="width: 69%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Apartments&lt;/td&gt;&#13;    &lt;td style="width: 2%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 12%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 157,753&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 12%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 156,173&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Apartments under construction&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;33,166&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;22,363&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Commercial properties&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;230,133&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;229,424&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Land held for development&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;61,782&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;62,037&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Real estate subject to sales contract&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;6,887&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;7,966&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Total real estate, at cost, less impairment&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 489,721&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 477,963&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Less accumulated deprecation&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(93,144&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(90,173&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Total real estate, net of depreciation&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 396,577&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 387,790&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:RealEstateInvestmentFinancialStatementsDisclosureTextBlock>
    <us-gaap:ScheduleOfRestrictedCashAndCashEquivalentsTextBlock contextRef="From2020-01-01to2020-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="background-color: white"&gt;The&#13;following is a reconciliation of the Company&amp;#8217;s cash and cash equivalents, and restricted cash to the total presented in the&#13;consolidated statement of cash flows&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;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 80%; margin-left: 5.4pt; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="width: 69%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Cash and cash equivalents&lt;/td&gt;&#13;    &lt;td style="width: 2%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 12%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 39,946&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 12%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 28,163&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Restricted cash (cash held in escrow)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;14,031&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;34,690&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Restricted cash (certificate of deposits)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;2,854&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;11,876&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Restricted cash (held with Trustee)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;11,273&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;6,398&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Total cash, cash equivalents and restricted cash&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 68,104&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 81,127&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfRestrictedCashAndCashEquivalentsTextBlock>
    <arl:ScheduleOfFinancialPositionAndResultsOfOperationsUnconsolidatedParentTabletextBlock contextRef="From2020-01-01to2020-03-31">&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 as of March 31, 2020 and 2019 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;table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; font-weight: bold; line-height: normal; text-align: center; font-size-adjust: none; font-stretch: normal"&gt;For the period ended March 31,&lt;/td&gt;&#13;    &lt;td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="font-weight: bold; line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;SUMMARY OF FINANCIAL POSITION:&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; line-height: normal; text-align: center; font-size-adjust: none; font-stretch: normal"&gt;2020&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; line-height: normal; text-align: center; font-size-adjust: none; font-stretch: normal"&gt;2019&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="line-height: normal; width: 66%; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;Real estate, net of accumulated depreciation&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;$&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 14%; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;12,403&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;$&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 14%; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;13,530&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: white"&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;Notes receivable&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;11,053&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;11,508&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;Other assets&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;33,416&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;31,381&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: white"&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;Notes payable&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;(9,159&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;)&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;(9,853&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;Other liabilities&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;(7,052&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;)&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;(6,584&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: white"&gt;&#13;    &lt;td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;Shareholders&amp;#8217; equity/partners capital&lt;/td&gt;&#13;    &lt;td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;(40,661&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;)&lt;/td&gt;&#13;    &lt;td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;(39,982&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; font-weight: bold; line-height: normal; text-align: center; font-size-adjust: none; font-stretch: normal"&gt;For the three months ended March 31,&lt;/td&gt;&#13;    &lt;td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="font-weight: bold; line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;SUMMARY OF OPERATIONS:&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; line-height: normal; text-align: center; font-size-adjust: none; font-stretch: normal"&gt;2020&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; line-height: normal; text-align: center; font-size-adjust: none; font-stretch: normal"&gt;2019&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="line-height: normal; width: 66%; font-size-adjust: none; font-stretch: normal"&gt;Revenue&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;$&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 14%; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;13,414&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;$&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 14%; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;13,626&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: white"&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;Depreciation&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;(351&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;)&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;(364&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;Operating expenses&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;(12,342&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;)&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;(12,815&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: white"&gt;&#13;    &lt;td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;Interest expense&lt;/td&gt;&#13;    &lt;td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;(141&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;)&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;(156&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;Income (loss) from continuing operations&lt;/td&gt;&#13;    &lt;td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;580&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;291&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: white"&gt;&#13;    &lt;td style="line-height: normal; text-align: left; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal"&gt;Net income (loss)&lt;/td&gt;&#13;    &lt;td style="line-height: normal; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;580&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;291&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;Company&amp;#8217;s 20% proportionate share of earnings&lt;/td&gt;&#13;    &lt;td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;116&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal"&gt;58&lt;/td&gt;&#13;    &lt;td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</arl:ScheduleOfFinancialPositionAndResultsOfOperationsUnconsolidatedParentTabletextBlock>
    <us-gaap:ScheduleOfDebtTableTextBlock contextRef="From2020-01-01to2020-03-31">&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 March&#13;31, 2020 and December 31, 2019 (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;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 70%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="width: 67%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Apartments&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 120,370&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 120,024&lt;/td&gt;&#13;    &lt;td style="line-height: normal; width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Apartments under Construction&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;16,710&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;9,017&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Commercial&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;92,319&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;92,838&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Land&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;17,644&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;19,128&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Corporate and other notes&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;20,266&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;20,429&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Total notes payable&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 267,309&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 261,436&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Less: unamortized deferred borrowing costs&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(7,189&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(7,342&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Total outstanding notes payable, net&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 260,120&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 254,094&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Accrued Interest&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;849&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;779&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Total notes payable, net and accrued interest&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 260,969&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 254,873&lt;/td&gt;&#13;    &lt;td style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfDebtTableTextBlock>
    <us-gaap:ScheduleOfDebtInstrumentsTextBlock contextRef="From2020-01-01to2020-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;Following is the outstanding balance of SPC&amp;#8217;s Bonds and&#13;interest payable as of March 31, 2020 and December 31, 2019 (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;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 70%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="width: 66%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Bonds (Series A)&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 78,541&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 92,653&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Bonds (Series B)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;38,626&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;39,844&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Bonds (Series B expansion)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;20,281&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;20,920&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Bonds (Series C)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;77,139&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;79,572&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;&lt;b&gt;Total outstanding bonds&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 214,587&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 232,989&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Less: deferred bond issuance costs&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(8,946&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(9,724&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;&lt;b&gt;Total outstanding bonds, net&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;205,641&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;223,265&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Accrued Interest&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;2,191&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;6,457&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;&lt;b&gt;Total outstanding bonds, net and accrued interest&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 207,832&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 229,722&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfDebtInstrumentsTextBlock>
    <us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock contextRef="From2020-01-01to2020-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The aggregate maturity of the bonds are as follows:&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;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 70%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&lt;b&gt;Year&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="width: 66%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;2020&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 11,220&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 23,148&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;2021&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;34,222&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;35,301&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;2022&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;34,222&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;35,301&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;2023&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;111,361&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;114,873&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;2024&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;11,781&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;12,153&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Thereafter&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;11,781&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;12,213&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 214,587&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 232,989&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock>
    <us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock contextRef="From2020-01-01to2020-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The following table reflects the reconciliation&#13;of the beginning and ending balances of accounts receivable from and (accounts payable) to related parties as of March 31, 2020&#13;(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;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 60%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;Pillar&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="width: 77%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Related party receivable, December 31, 2019&lt;/td&gt;&#13;    &lt;td style="width: 3%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 16%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;85,996&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Cash transfers&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;2,911&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Advisory fees&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(2,287&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Net income fee&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(86&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Cost reimbursements&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(1,118&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Interest income&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;1,103&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Notes receivable purchased&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(7,368&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Expenses (paid) received by Advisor&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;21&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Financing (mortgage payments)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(240&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Intercompany property transfers&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(153&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Related party receivable, March 31, 2020&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 78,779&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock>
    <us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock contextRef="From2020-01-01to2020-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Presented below is our reportable segments&amp;#8217;&#13;operating income for the three months ended March 31, 2020 and 2019, including segment assets and expenditures (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;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;Commercial&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&lt;b&gt;For the Three Months Ended March 31, 2020&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;Properties&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;Apartments&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;Land&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;Other&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="width: 30%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Rental and other property revenues&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 7,884&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 4,032&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 2&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 11,918&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Property operating expenses&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(4,109&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(1,930&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(99&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(172&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(6,310&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Depreciation&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(2,522&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(872&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(3,394&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Mortgage and loan interest&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(1,371&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(1,172&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(281&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(6,778&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(9,602&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Interest income&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;5,754&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;5,754&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Gain on land sales&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;4,138&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;4,138&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Segment operating (loss) income&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (118&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 58&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 3,758&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (1,194&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 2,504&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Capital expenditures&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 709&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 7,033&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 2,000&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;9,742&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Real estate assets&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 148,424&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 179,484&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 68,669&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;396,577&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;&lt;b&gt;Property Sales&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Sales price&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 5,712&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 5,712&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Cost of sale&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(1,574&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(1,574&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Gain on sale&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 4,138&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 4,138&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;Commercial&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&lt;b&gt;For the Three Months Ended March 31, 2019&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;Properties&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;Apartments&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;Land&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;Other&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="width: 30%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Rental and other property revenues&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 8,227&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 3,700&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 2&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 11,929&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Property operating expenses&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(3,936&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(2,058&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;43&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(46&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(5,997&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Depreciation&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(2,375&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(734&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(3,109&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Mortgage and loan interest&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(1,967&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(934&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(329&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(6,738&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(9,968&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Interest income&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;6,153&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;6,153&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Gain on land sales&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;2,216&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;2,216&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Segment operating (loss) income&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (51&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (26&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 1,930&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (629&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 1,224&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Capital expenditures&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;3,690&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;5,167&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;8,857&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Real estate assets&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;154,791&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;150,841&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;80,845&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;386,477&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;&lt;b&gt;Property Sales&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Sales price&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 8,715&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 8,715&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Cost of sale&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(6,499&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(6,499&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Gain on sale&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 2,216&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#8212;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 2,216&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock>
    <us-gaap:ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock contextRef="From2020-01-01to2020-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The table below reflects the reconciliation&#13;of segment information to the corresponding amounts in the Consolidated Statements of Operations for the three months ended March&#13;31, 2020 and 2019 (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;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 70%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; vertical-align: bottom"&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;For the Three Months Ended&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; vertical-align: bottom"&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;March 31, &lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="width: 67%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Segment operating income&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 2,504&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 1,224&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Other non-segment items of income (expense)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="padding-left: 0.25in; text-indent: -0.25in; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;General and administrative&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(2,795&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(2,480&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="padding-left: 0.25in; text-indent: -0.25in; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Franchise taxes and other expenses&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(1,496&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(125&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="padding-left: 0.25in; text-indent: -0.25in; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Net income fee to related party&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(86&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(100&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="padding-left: 0.25in; text-indent: -0.25in; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Advisory fee to related party&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(2,287&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(1,853&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="padding-left: 0.25in; text-indent: -0.25in; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Other income&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;1,212&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;3,667&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="padding-left: 0.25in; text-indent: -0.25in; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Foreign Currency Transaction gain (loss)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;7,843&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(5,818&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="padding-left: 0.25in; text-indent: -0.25in; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Loss from joint venture&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(376&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;(1,055&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="padding-left: 0.25in; text-indent: -0.25in; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Earnings from unconsolidated investees&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;116&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;58&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Net income (loss) from continuing operations&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 4,635&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (6,482&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock>
    <us-gaap:ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock contextRef="From2020-01-01to2020-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The table below reflects a reconciliation&#13;of the segment information 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; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 70%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; vertical-align: bottom"&gt;&#13;    &lt;td style="white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;As of March 31,&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"&gt;&#13;    &lt;td style="width: 67%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Segment assets&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 396,577&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size-adjust: none; font-stretch: normal"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;$&lt;/td&gt;&#13;    &lt;td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 386,477&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="line-height: normal; font-size-adjust: none; font-stretch: normal"&gt;&#13;    &lt;td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"&gt;Investments in unconsolidated investees&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; 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    <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock contextRef="From2020-01-01to2020-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"&gt;&lt;b&gt;NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"&gt;&lt;b&gt;Organization&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;As used herein, the terms &amp;#x201C;ARL&amp;#x201D;, &amp;#x201C;the Company&amp;#x201D;, &amp;#x201C;we&amp;#x201D;, &amp;#x201C;our&amp;#x201D; or &amp;#x201C;us&amp;#x201D; refer to American Realty Investors, Inc., a Nevada corporation, which was formed in 1999. The Company is headquartered in Dallas, Texas and its common stock trades on the New York Stock Exchange (&amp;#x201C;NYSE&amp;#x201D;) under the symbol (&amp;#x201C;ARL&amp;#x201D;). Over 90% of ARL&amp;#x2019;s stock is owned by related party entities.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;ARL and a subsidiary own approximately 78.38% of the outstanding shares of common stock of Transcontinental Realty Investors, Inc. (&amp;#x201C;TCI&amp;#x201D;), a Nevada corporation, whose common stock is traded on the NYSE under the symbol (&amp;#x201C;TCI&amp;#x201D;). TCI, a subsidiary of ARL, owns approximately 81.15% of the common stock of Income Opportunity Realty Investors, Inc. (&amp;#x201C;IOR&amp;#x201D;). Effective July 17, 2009, IOR&amp;#x2019;s financial results were consolidated with those of ARL and TCI and their subsidiaries. IOR&amp;#x2019;s common stock is traded on the NYSE American under the symbol (&amp;#x201C;IOR&amp;#x201D;).&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;ARL&amp;#x2019;s Board of Directors is responsible for directing the overall affairs of ARL and for setting the strategic policies that guide the Company. As of April 30, 2011, the Board of Directors delegated the day-to-day management of the Company to Pillar Income Asset Management, Inc. (&amp;#x201C;Pillar&amp;#x201D;), a Nevada corporation, under a written Advisory Agreement that is reviewed annually by ARL&amp;#x2019;s Board of Directors. The directors of ARL are also directors of TCI and IOR. The Chairman of the Board of Directors of ARL also serves as the Chairman of the Board of Directors of TCI and IOR. The officers of ARL also serve as officers of TCI, IOR and Pillar.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;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. (&amp;#x201C;Pillar&amp;#x201D;) is the Company&amp;#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. Pillar&amp;#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. Additionally, Pillar serves as a consultant to the Board with regard to their decisions in connection with ARL&amp;#x2019;s business plan and investment policy. Pillar also serves as an Advisor and Cash Manager to TCI and IOR.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;Regis Realty Prime, LLC (&amp;#x201C;Regis&amp;#x201D;) manages our commercial properties and provides brokerage services. ARL engages third-party companies to lease and manage its apartment properties.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;Southern Properties Capital Ltd. a British Virgin Island corporation (&amp;#x201C;Southern&amp;#x201D; or &amp;#x201C;SPC&amp;#x201D;), is a wholly owned subsidiary of TCI that was incorporated on August 16, 2016 for the purpose of raising funds by issuing debentures that cannot be converted into shares on the Tel-Aviv Stock Exchange (&amp;#x201C;TASE&amp;#x201D;). Southern operates in the United States and is primarily involved in investing in, developing, constructing and operating income-producing properties of multi-family residential real estate assets. Southern is included in the consolidated financial statements of TCI.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;On January 1, 2012, the Company&amp;#x2019;s subsidiary, TCI, entered into a development agreement with Unified Housing Foundation, Inc. (&amp;#x201C;UHF&amp;#x201D;) a non-profit corporation that provides management services for the development of residential apartment projects in the future. This development agreement was terminated December 31, 2013. The Company has also invested in surplus cash notes receivables from UHF and has sold several residential apartment properties to UHF in prior years. Due to this ongoing relationship and the significant investment in the performance of the collateral secured under the notes receivable, UHF has been determined to be a related party.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;On November 19, 2018, TCI executed an agreement between the Macquarie Group (&amp;#x201C;Macquarie&amp;#x201D;) and SPC and TCI to create a joint venture, Victory Abode Apartments, LLC (&amp;#x201C;VAA&amp;#x201D;) to address existing and future demand for quality multifamily residential housing through acquisition and development of sustainable Class A multifamily housing in focused secondary and tertiary markets. In connection with the formation of the joint venture, SPC and TCI contributed a portfolio of 49 income producing apartment complexes, and 3 development projects in various stages of construction and received cash consideration of $236.8 million. At the time of the transfer of the properties, the joint venture assumed all liabilities of those properties, including mortgage debt to the Department of Housing and Urban Development (&amp;#x201C;HUD&amp;#x201D;).&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;VAA is equally owned and controlled by Abode JVP, LLC, a wholly-owned subsidiary of SPC and Summerset Intermediate Holdings 2 LLC (&amp;#x201C;Summerset&amp;#x201D;), a wholly-owned indirect subsidiary of Macquarie.&amp;#160; Pursuant to the Agreement, Abode JVP, LLC and Summerset each own voting and profit participation rights of 50% and 49%, respectively (&amp;#x201C;Class A Members&amp;#x201D;).&amp;#160; The remaining 2% of the profit participation interest is held by Daniel J. Moos ARL&amp;#x2019;s President and Chief Executive Officer (&amp;#x201C;Class B Member&amp;#x201D;) who also serves as the Manager of the joint venture.&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;&lt;b&gt;Properties&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;At March 31, 2020, our portfolio of income-producing properties consisted of:&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif"&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top"&gt;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0px"&gt;&amp;#x25CF;&lt;/p&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0px; text-align: justify; text-indent: 0px"&gt;Seven commercial properties consisting of five office buildings and two retail properties comprising in aggregate of approximately 1.7 million square feet;&lt;/p&gt;&#13;            &lt;/td&gt;&#13;        &lt;/tr&gt;&#13;    &lt;/table&gt;&#13;    &lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif"&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top"&gt;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0px; text-align: justify; text-indent: 0px"&gt;&amp;#x25CF;&lt;/p&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0px; text-align: justify; text-indent: 0px"&gt;Ten residential apartment communities owned directly by us comprising in 1,657 units, excluding apartments being developed;&lt;/p&gt;&#13;            &lt;/td&gt;&#13;        &lt;/tr&gt;&#13;    &lt;/table&gt;&#13;    &lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif"&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top"&gt;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0px; text-align: justify; text-indent: 0px"&gt;&amp;#x25CF;&lt;/p&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0px; text-align: justify; text-indent: 0px"&gt;Approximately 1,982 acres of developed and undeveloped land; and&lt;/p&gt;&#13;            &lt;/td&gt;&#13;        &lt;/tr&gt;&#13;    &lt;/table&gt;&#13;    &lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif"&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top"&gt;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0px; text-align: justify; text-indent: 0px"&gt;&amp;#x25CF;&lt;/p&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; margin-bottom: 0pt; margin-top: 0pt; text-align: justify"&gt;Fifty-one residential apartment communities totaling 10,137 units owned by our 50% owned investee VAA.&lt;/p&gt;&#13;            &lt;/td&gt;&#13;        &lt;/tr&gt;&#13;    &lt;/table&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;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. 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&amp;#x2019;s partnership interests in exchange for any remaining unpaid developer fees.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;&lt;b&gt;Basis of Presentation&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;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 (&amp;#x201C;U.S. GAAP&amp;#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 three months ended March 31, 2019, are not necessarily indicative of the results that may be expected for other interim periods or for the full fiscal year.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;The year-end Consolidated Balance Sheet at December 31, 2019 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&amp;#x2019;s Annual Report on Form 10-K for the year ended December 31, 2019. Certain 2019 Consolidated Financial Statement amounts have been reclassified to conform to the 2020 presentation.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"&gt;&lt;b&gt;Principles of Consolidation&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;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 (&amp;#x201C;VIE&amp;#x201D;), in accordance with the provisions and guidance of ASC Topic 810, &amp;#x201C;Consolidation&amp;#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 (&amp;#x201C;EITF&amp;#x201D;) Issue 04-5, Investor&amp;#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 (&amp;#x201C;EITF 04-5&amp;#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&amp;#x2019;s financial results. All significant intercompany balances and transactions have been eliminated in consolidation.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;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&amp;#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.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;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 investments in Gruppa Florentina, LLC and VAA are accounted for under the equity method.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;&lt;b&gt;Real Estate, Depreciation and Impairment&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;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 (&amp;#x201C;ASC 360&amp;#x201D;), &amp;#x201C;Property, Plant and Equipment&amp;#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&amp;#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.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;&lt;b&gt;Real Estate Held For Sale&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;We periodically classify real estate assets as &amp;#x201C;held for sale.&amp;#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.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"&gt;&lt;b&gt;Cost Capitalization&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;Costs related to planning, developing, leasing and constructing a property are capitalized and classified as Real Estate in the Consolidated Balance Sheets. We capitalize interest to qualifying assets under development based on average accumulated expenditures outstanding during the period. 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. 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.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;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.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"&gt;&lt;b&gt;Fair Value Measurement&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;We apply the guidance in ASC Topic 820, &amp;#x201C;Fair Value Measurements and Disclosures&amp;#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&amp;#x2019;s own data.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;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:&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif"&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 5%; vertical-align: top; white-space: nowrap"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"&gt;Level&amp;#160;1&lt;/p&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 3%; vertical-align: top; white-space: nowrap"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"&gt;&amp;#160;&amp;#x2014;&lt;/p&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 92%; vertical-align: top"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;Unadjusted quoted prices for identical and unrestricted assets or liabilities in active markets.&lt;/p&gt;&#13;            &lt;/td&gt;&#13;        &lt;/tr&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif"&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify; white-space: nowrap"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;Level&amp;#160;2&lt;/p&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify; white-space: nowrap"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;&amp;#160;&amp;#x2014;&lt;/p&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&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;/p&gt;&#13;            &lt;/td&gt;&#13;        &lt;/tr&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif"&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify; white-space: nowrap"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;Level&amp;#160;3&lt;/p&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify; white-space: nowrap"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;&amp;#160;&amp;#x2014;&lt;/p&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;Unobservable inputs that are significant to the fair value measurement.&lt;/p&gt;&#13;            &lt;/td&gt;&#13;        &lt;/tr&gt;&#13;    &lt;/table&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;A financial instrument&amp;#x2019;s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;&lt;b&gt;Deferred Costs&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;Costs relating to the financing of properties are deferred and amortized over the life of the related financing agreement. Amortization is reflected as interest expense in the Consolidated Statements of Operations, with remaining terms ranging from 6 months to 40 years. Unamortized financing costs are written off when the financing agreement is extinguished before the maturity date.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;&lt;b&gt;Related Parties&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;We apply ASC Topic 805, &amp;#x201C;Business Combinations&amp;#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.&amp;#160;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"&gt;&lt;b&gt;Newly Issued Accounting Standards&amp;#160;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white; text-align: justify"&gt;&#13;        &lt;font style="color: #212529"&gt;In December 2019, the FASB issued ASU 2019-12,&amp;#160;&lt;i&gt;&lt;font style="color: #212529"&gt;Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.&amp;#160;&lt;/font&gt;&lt;/i&gt;The amendments in this Update simplify the accounting for income taxes by removing certain exceptions from ASC 740. Also, the amendments in this Update simplify the accounting for income taxes by requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax, requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination, and other targeted changes. The effective date of the amendments is for fiscal years, and interim periods within those years, beginning after December 15, 2020. The Company is currently evaluating the impact that the adoption of ASU 2019-12 may have on its consolidated financial statements.&lt;/font&gt;&#13;    &lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white; text-align: justify"&gt;&#13;        &lt;font style="color: #212529"&gt;In October 2018, the FASB issued ASU 2018-17,&amp;#160;&lt;i&gt;&lt;font style="color: #212529"&gt;Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities&lt;/font&gt;&lt;/i&gt;. This standard is intended to improve the accounting when considering indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. The effective date of the amendments is for fiscal years, and interim periods within those years, beginning after December 15, 2019. The new standard must be adopted retrospectively with early adoption permitted. The adoption of ASU 2018-17 did not have a material impact on the Company&amp;#x2019;s financial position and results of operations.&lt;/font&gt;&#13;    &lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white; text-align: justify"&gt;&#13;        &lt;font style="color: black"&gt;In August 2018, the FASB issued ASU 2018-13,&amp;#160;&lt;i&gt;&lt;font style="color: black"&gt;Fair Value Measurement (Topic 820): Disclosure Framework&amp;#x2014;Changes to the Disclosure Requirements for Fair Value Measurement&amp;#160;&lt;/font&gt;&lt;/i&gt;that eliminates, adds and modifies certain disclosure requirements for fair value measurements. The effective date of the standard is for fiscal periods, and interim periods within those years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively. All other amendments should be applied retrospectively. Early adoption is permitted.&#13;            &lt;font style="color: #212529"&gt;The adoption of ASU 2018-13 did not have a material impact on the Company&amp;#x2019;s financial position and results of operations.&lt;/font&gt;&#13;        &lt;/font&gt;&#13;    &lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white; text-align: justify"&gt;&#13;        &lt;font style="color: black"&gt;&#13;            &lt;font style="color: #212529"&gt;&amp;#160;&lt;/font&gt;&#13;        &lt;/font&gt;&#13;    &lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white; text-align: justify"&gt;In February 2016, the FASB issued ASU 2016-02, &lt;em&gt;Leases &lt;/em&gt;(Topic 842). The standard amended the existing lease accounting guidance and required lessees to recognize a lease liability and a right-of-use asset for all leases on their balance sheets. Lessees of operating leases continued to recognize lease expense in a manner similar to previous accounting. For lessors, accounting for leases under the new guidance was substantially the same as in prior periods, but it eliminated current real estate-specific provisions and changed the treatment of initial direct costs. The Company early adopted the standard on January 1, 2019.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;The Company elected the following package of practical expedients provided by the standard: (i) an entity need not reassess whether any expired or existing contract is a lease or contains a lease, (ii) an entity need not reassess the lease classification of any expired or existing leases, and (iii) an entity need not reassess initial direct costs for any existing leases. The Company also elected the short-term lease exception provided for in the standard and therefore only recognizes right-of-use assets and lease liabilities for leases with a term greater than one year. The Company adopted the standard on January 1, 2019, but since no material lease arrangements were identified where the Company was the lessee, there were no right-of-use assets or lease liabilities recorded.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;In July 2018, the FASB issued ASU 2018-11, Leases &amp;#x2013; Targeted Improvements, which provided entities with relief from the costs of implementing certain aspects of ASU 2016-02, Leases. The ASU provided a practical expedient which allowed lessors to not separate lease and non-lease components in a contract and allocate the consideration in the contract to the separate components if both: (i) the timing and pattern of revenue recognition for the non-lease component and the related lease component are the same and (ii) the combined single lease component would be classified as an operating lease. The Company elected the practical expedient. The ASU also provided a transition option that permitted entities to not recast the comparative periods presented when transitioning to the standard, which the Company also elected.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers. The scope of this standard specifically excludes lease contracts. The Company adopted the standard on January 1, 2019, but it did not have an impact to the financial statements as the majority of the Company&amp;#x2019;s revenue is from rental revenue generated from lease contracts.&lt;/p&gt;</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock>
    <us-gaap:BusinessCombinationsPolicy contextRef="From2020-01-01to2020-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;&lt;b&gt;Related Parties&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;We apply ASC Topic 805, &amp;#x201C;Business Combinations&amp;#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.&amp;#160;&amp;#160;&lt;/p&gt;</us-gaap:BusinessCombinationsPolicy>
    <us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="From2020-01-01to2020-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"&gt;&lt;b&gt;Newly Issued Accounting Standards&amp;#160;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white; text-align: justify"&gt;&#13;        &lt;font style="color: #212529"&gt;In December 2019, the FASB issued ASU 2019-12,&amp;#160;&lt;i&gt;&lt;font style="color: #212529"&gt;Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.&amp;#160;&lt;/font&gt;&lt;/i&gt;The amendments in this Update simplify the accounting for income taxes by removing certain exceptions from ASC 740. Also, the amendments in this Update simplify the accounting for income taxes by requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax, requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination, and other targeted changes. The effective date of the amendments is for fiscal years, and interim periods within those years, beginning after December 15, 2020. The Company is currently evaluating the impact that the adoption of ASU 2019-12 may have on its consolidated financial statements.&lt;/font&gt;&#13;    &lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white; text-align: justify"&gt;&#13;        &lt;font style="color: #212529"&gt;In October 2018, the FASB issued ASU 2018-17,&amp;#160;&lt;i&gt;&lt;font style="color: #212529"&gt;Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities&lt;/font&gt;&lt;/i&gt;. This standard is intended to improve the accounting when considering indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. The effective date of the amendments is for fiscal years, and interim periods within those years, beginning after December 15, 2019. The new standard must be adopted retrospectively with early adoption permitted. The adoption of ASU 2018-17 did not have a material impact on the Company&amp;#x2019;s financial position and results of operations.&lt;/font&gt;&#13;    &lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white; text-align: justify"&gt;&#13;        &lt;font style="color: black"&gt;In August 2018, the FASB issued ASU 2018-13,&amp;#160;&lt;i&gt;&lt;font style="color: black"&gt;Fair Value Measurement (Topic 820): Disclosure Framework&amp;#x2014;Changes to the Disclosure Requirements for Fair Value Measurement&amp;#160;&lt;/font&gt;&lt;/i&gt;that eliminates, adds and modifies certain disclosure requirements for fair value measurements. The effective date of the standard is for fiscal periods, and interim periods within those years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively. All other amendments should be applied retrospectively. Early adoption is permitted.&#13;            &lt;font style="color: #212529"&gt;The adoption of ASU 2018-13 did not have a material impact on the Company&amp;#x2019;s financial position and results of operations.&lt;/font&gt;&#13;        &lt;/font&gt;&#13;    &lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white; text-align: justify"&gt;&#13;        &lt;font style="color: black"&gt;&#13;            &lt;font style="color: #212529"&gt;&amp;#160;&lt;/font&gt;&#13;        &lt;/font&gt;&#13;    &lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white; text-align: justify"&gt;In February 2016, the FASB issued ASU 2016-02, &lt;em&gt;Leases &lt;/em&gt;(Topic 842). The standard amended the existing lease accounting guidance and required lessees to recognize a lease liability and a right-of-use asset for all leases on their balance sheets. Lessees of operating leases continued to recognize lease expense in a manner similar to previous accounting. For lessors, accounting for leases under the new guidance was substantially the same as in prior periods, but it eliminated current real estate-specific provisions and changed the treatment of initial direct costs. The Company early adopted the standard on January 1, 2019.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;The Company elected the following package of practical expedients provided by the standard: (i) an entity need not reassess whether any expired or existing contract is a lease or contains a lease, (ii) an entity need not reassess the lease classification of any expired or existing leases, and (iii) an entity need not reassess initial direct costs for any existing leases. The Company also elected the short-term lease exception provided for in the standard and therefore only recognizes right-of-use assets and lease liabilities for leases with a term greater than one year. The Company adopted the standard on January 1, 2019, but since no material lease arrangements were identified where the Company was the lessee, there were no right-of-use assets or lease liabilities recorded.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;In July 2018, the FASB issued ASU 2018-11, Leases &amp;#x2013; Targeted Improvements, which provided entities with relief from the costs of implementing certain aspects of ASU 2016-02, Leases. The ASU provided a practical expedient which allowed lessors to not separate lease and non-lease components in a contract and allocate the consideration in the contract to the separate components if both: (i) the timing and pattern of revenue recognition for the non-lease component and the related lease component are the same and (ii) the combined single lease component would be classified as an operating lease. The Company elected the practical expedient. The ASU also provided a transition option that permitted entities to not recast the comparative periods presented when transitioning to the standard, which the Company also elected.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers. The scope of this standard specifically excludes lease contracts. The Company adopted the standard on January 1, 2019, but it did not have an impact to the financial statements as the majority of the Company&amp;#x2019;s revenue is from rental revenue generated from lease contracts.&lt;/p&gt;</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
    <us-gaap:FinancingReceivablesTextBlock contextRef="From2020-01-01to2020-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;&lt;b&gt;NOTE 5. NOTES AND INTEREST RECEIVABLE&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;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.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"&gt;Below is a summary of our notes receivable as of March 31, 2020 (dollars in thousands):&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif; background-color: white; vertical-align: bottom"&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: center; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Maturity&lt;/b&gt;&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: center; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Interest&lt;/b&gt;&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 12%; vertical-align: bottom; text-align: right; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;        &lt;/tr&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif; background-color: white; vertical-align: bottom"&gt;&#13;            &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Borrower&lt;/b&gt;&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Date&lt;/b&gt;&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Rate&lt;/b&gt;&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Amount &lt;/b&gt;&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Security&lt;/b&gt;&lt;/font&gt;&#13; 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white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;10/21&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5.00%&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13; 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vertical-align: bottom; text-align: right; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;1,827 &lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Secured&lt;/font&gt;&#13;            &lt;/td&gt;&#13;        &lt;/tr&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif; background-color: white; vertical-align: bottom"&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;RNC Revolving Line of Credit&lt;/font&gt;&#13; 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text-align: right; white-space: nowrap"&gt;&amp;#160;&lt;/td&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; vertical-align: bottom; text-align: right; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;61 &lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Unsecured&lt;/font&gt;&#13;            &lt;/td&gt;&#13;        &lt;/tr&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif; background-color: white; vertical-align: bottom"&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; 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white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;03/23&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12.00%&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap"&gt;&amp;#160;&lt;/td&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; vertical-align: bottom; text-align: right; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;4,792 &lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Unsecured&lt;/font&gt;&#13;            &lt;/td&gt;&#13;        &lt;/tr&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif; background-color: white; vertical-align: bottom"&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td colspan="3" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;Unified Housing Foundation, Inc. &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&#13; 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text-align: right; white-space: nowrap"&gt;&amp;#160;&lt;/td&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; vertical-align: bottom; text-align: right; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;716 &lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Unsecured&lt;/font&gt;&#13;            &lt;/td&gt;&#13;        &lt;/tr&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif; background-color: #cceeff; vertical-align: bottom"&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td colspan="3" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;Unified Housing Foundation, Inc. &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;03/23&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12.00%&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap"&gt;&amp;#160;&lt;/td&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; vertical-align: bottom; text-align: right; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;317 &lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Unsecured&lt;/font&gt;&#13;            &lt;/td&gt;&#13;        &lt;/tr&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif; background-color: white; vertical-align: bottom"&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td colspan="3" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;Realty Advisors Management, Inc. &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13; 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vertical-align: bottom"&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;Other related party notes &lt;sup&gt;(1) (2)&lt;/sup&gt;&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Various&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Various&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap"&gt;&amp;#160;&lt;/td&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; vertical-align: bottom; text-align: right; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;1,825 &lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Various secured interests&lt;/font&gt;&#13;            &lt;/td&gt;&#13;        &lt;/tr&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif; background-color: #cceeff; vertical-align: bottom"&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;Other non-related party notes&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Various&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Various&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap"&gt;&amp;#160;&lt;/td&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; vertical-align: bottom; text-align: right; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;11,692 &lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Various secured interests&lt;/font&gt;&#13;            &lt;/td&gt;&#13;        &lt;/tr&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif; background-color: white; vertical-align: bottom"&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;Accrued interest&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="border-bottom: Black 1pt solid; 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; vertical-align: bottom; text-align: right; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;11,637 &lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;        &lt;/tr&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif; background-color: #cceeff; vertical-align: bottom"&gt;&#13;            &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-left: 40pt; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total Performing&lt;/b&gt;&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160; 170,918 &lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;        &lt;/tr&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif; background-color: white; vertical-align: bottom"&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;Allowance for estimated losses&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="border-bottom: Black 1pt solid; 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; vertical-align: bottom; text-align: right; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;(12,557&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;)&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;        &lt;/tr&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif; background-color: #cceeff"&gt;&#13;            &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-left: 40pt; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total &lt;/b&gt;&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;            &lt;td style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160; 158,361 &lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;        &lt;/tr&gt;&#13;    &lt;/table&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; width: 100%"&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif"&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 0pt; vertical-align: top"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 18pt; vertical-align: top"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/p&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 1062pt; vertical-align: top"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;Related party notes.&lt;/p&gt;&#13;            &lt;/td&gt;&#13;        &lt;/tr&gt;&#13;    &lt;/table&gt;&#13;    &lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; width: 100%"&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif"&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 0pt; vertical-align: top"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 18pt; vertical-align: top"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/p&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 1062pt; vertical-align: top"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;An allowance was taken for estimated losses at full value of note.&lt;/p&gt;&#13;            &lt;/td&gt;&#13;        &lt;/tr&gt;&#13;    &lt;/table&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;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.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;At March 31, 2020, we had mortgage loans and accrued interest receivable from related parties, net of allowances, totaling $96.9 million and recognized interest income of $8.1 million related to these notes receivables. During the quarter just ended, the Company collected $5.0 million and purchased from a related party $7.4 million of notes receivables with an interest rate of 12% and maturity date of March 2023.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;The Company has various notes receivable from Unified Housing foundation, Inc. (&amp;#x201C;UHF&amp;#x201D;).&amp;#160; UHF is determined to be a related party due to our significant investment in the performance of the collateral secured under the notes receivable. Payments are due from surplus cash flow from operations, sale or refinancing of the underlying properties. These notes are cross collateralized to the extent that any surplus cash available from any of the properties underlying these notes will be used to repay outstanding interest and principal for the remaining notes. Furthermore, any surplus cash available from any of the properties UHF owns, besides the properties underlying these notes, can be used to repay outstanding interest and principal for these notes. The allowance on the notes was a purchase allowance that was netted against the notes when acquired.&lt;/p&gt;</us-gaap:FinancingReceivablesTextBlock>
    <us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock contextRef="From2020-01-01to2020-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"&gt;Below is a summary of our notes receivable as of March 31, 2020 (dollars in thousands):&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif; background-color: white; vertical-align: bottom"&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: center; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Maturity&lt;/b&gt;&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: center; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Interest&lt;/b&gt;&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 12%; vertical-align: bottom; text-align: right; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;        &lt;/tr&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif; background-color: white; vertical-align: bottom"&gt;&#13;            &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Borrower&lt;/b&gt;&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Date&lt;/b&gt;&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&#13; 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vertical-align: bottom; text-align: right; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;1,827 &lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Secured&lt;/font&gt;&#13;            &lt;/td&gt;&#13;        &lt;/tr&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif; background-color: white; vertical-align: bottom"&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;RNC Revolving Line of Credit&lt;/font&gt;&#13; 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vertical-align: bottom"&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;Other related party notes &lt;sup&gt;(1) (2)&lt;/sup&gt;&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Various&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Various&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap"&gt;&amp;#160;&lt;/td&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; vertical-align: bottom; text-align: right; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;1,825 &lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Various secured interests&lt;/font&gt;&#13;            &lt;/td&gt;&#13;        &lt;/tr&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif; background-color: #cceeff; vertical-align: bottom"&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;Other non-related party notes&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Various&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Various&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap"&gt;&amp;#160;&lt;/td&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; vertical-align: bottom; text-align: right; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;11,692 &lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Various secured interests&lt;/font&gt;&#13;            &lt;/td&gt;&#13;        &lt;/tr&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif; background-color: white; vertical-align: bottom"&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;Accrued interest&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="border-bottom: Black 1pt solid; 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; vertical-align: bottom; text-align: right; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;11,637 &lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;        &lt;/tr&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif; background-color: #cceeff; vertical-align: bottom"&gt;&#13;            &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-left: 40pt; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total Performing&lt;/b&gt;&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160; 170,918 &lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;        &lt;/tr&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif; background-color: white; vertical-align: bottom"&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;Allowance for estimated losses&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="border-bottom: Black 1pt solid; 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; vertical-align: bottom; text-align: right; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;(12,557&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;)&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;        &lt;/tr&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif; background-color: #cceeff"&gt;&#13;            &lt;td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-left: 40pt; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total &lt;/b&gt;&lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;            &lt;td style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right; white-space: nowrap"&gt;&#13;                &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160; 158,361 &lt;/font&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; white-space: nowrap"&gt;&amp;#160;&lt;/td&gt;&#13;        &lt;/tr&gt;&#13;    &lt;/table&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; width: 100%"&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif"&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 0pt; vertical-align: top"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 18pt; vertical-align: top"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/p&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 1062pt; vertical-align: top"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;Related party notes.&lt;/p&gt;&#13;            &lt;/td&gt;&#13;        &lt;/tr&gt;&#13;    &lt;/table&gt;&#13;    &lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; width: 100%"&gt;&#13;        &lt;tr style="font: 10pt Times New Roman, Times, Serif"&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 0pt; vertical-align: top"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 18pt; vertical-align: top"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/p&gt;&#13;            &lt;/td&gt;&#13;            &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 1062pt; vertical-align: top"&gt;&#13;                &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;An allowance was taken for estimated losses at full value of note.&lt;/p&gt;&#13;            &lt;/td&gt;&#13;        &lt;/tr&gt;&#13;    &lt;/table&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;</us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock>
    <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="From2020-01-01to2020-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"&gt;&lt;b&gt;NOTE 12. COMMITMENTS, CONTINGENCIES, AND LIQUIDITY&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&lt;b&gt;Liquidity.&lt;/b&gt;&lt;/i&gt;&#13;        &lt;/b&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;Management believes that ARL will generate excess cash flow from property operations in 2020; such excess, however, will not be sufficient to discharge all of ARL&amp;#x2019;s obligations as they became due. Management intends to sell land and income-producing real estate, refinance real estate and obtain additional borrowings primarily secured by real estate to meet its liquidity requirements.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&lt;b&gt;Partnership Buyouts&lt;/b&gt;&lt;/i&gt;.&lt;/b&gt; 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.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&lt;b&gt;Litigation.&lt;/b&gt;&lt;/i&gt;&#13;        &lt;/b&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;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;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&lt;b&gt;Guarantees.&lt;/b&gt;&lt;/i&gt;&#13;        &lt;/b&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;The Company is the primary guarantor on a $24.3 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 March 31, 2020 UHF was in compliance with the covenants to the loan agreement.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;&lt;b&gt;ART and ART Midwest, Inc.&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;A formerly owned entity (American Realty Trust, Inc.) and its former subsidiary (ART Midwest, Inc.) have been parties&amp;#160; to a 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. Subsequently, the trial court recalculated the damage award, reducing it to approximately $59 million, inclusive of actual damages and then current interest. 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;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;The Clapper Parties subsequently filed a new lawsuit against ARI, its subsidiary EQK Holdings, Inc. &amp;#x201C;EQK&amp;#x201D;, and ART. The Clapper Parties seek damages from ARL for payment by ART to ARL of ART&amp;#x2019;s stock in EQK in exchange for a release of the Antecedent Debt owed by ART to ARI. In February 2018 the court determined that this legal matter should not have been filed in federal court and therefore granted motions to dismiss on jurisdictional grounds. In June 2018, the court overruled its own grant of motions to dismiss and reinstated the case. We continue to vigorously defend the case and management believes it has defenses to the claims. The case has not been set for trial.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&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 lifted. The trial court subsequently dismissed the case on procedural grounds, but ART filed a notice of appeal. The appeal was heard in February 2018 and the case was subsequently appealed to the Texas Supreme Court. The Application for Review was denied by the Texas Supreme Court and the denial was appealed by a Motion for Rehearing. The Court denied the Motion for Rehearing in May 2020.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;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 the note at zero.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;    &#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;&lt;b&gt;Dynex Capital, Inc.&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;On July 20, 2015, the 68&lt;sup&gt;th&lt;/sup&gt;&amp;#160;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;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&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;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;The Final Judgment entered against Dynex Commercial, Inc. on July 20, 2015 awarded Basic was $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 was $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 was $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 were paid. Lastly, the Judgement awarded Basic, ART, and TCI was $1.6 million collectively in attorneys&amp;#x2019; fees from Dynex Commercial, Inc.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;TCI is working with counsel to identify assets and collect on the Final Judgment against Dynex Commercial, Inc., as well as pursue additional claims, if any, against Dynex Capital, Inc. Post judgment interest continues to accrue.&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;&lt;b&gt;Berger Litigation&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;On February 4, 2019, an individual claiming to be a stockholder holding 7,900 shares of Common Stock of Income Opportunity Realty Investors, Inc. (&amp;#x201C;IOR&amp;#x201D;) filed a Complaint in the United States District Court for the Northern District of Texas, Dallas Division, individually and allegedly derivatively on behalf of IOR, against Transcontinental Realty Investors, Inc. (&amp;#x201C;TCI&amp;#x201D;), American Realty Investors, Inc. (&amp;#x201C;ARL&amp;#x201D;), (TCI is a shareholder of IOR, ARL is a shareholder of TCI) Pillar Income Asset Management, Inc. (&amp;#x201C;Pillar&amp;#x201D;), ( collectively the &amp;#x201C;Companies&amp;#x201D;), certain officers and directors of the Companies (&amp;#x201C;Additional Parties&amp;#x201D;) and two other individuals. The Complaint filed alleges that the sale and/or exchange of certain tangible and intangible property between the Companies and IOR during the last ten years of business operations constitutes a breach of fiduciary duty by the one or more of Companies, the Additional Defendants and/or the directors of IOR. The case alleges other related claims. The Plaintiff seeks certification as a representative of IOR and all of its shareholders, unspecified damages, a return to IOR of various funds and an award of costs, expenses, disbursements (including Plaintiff&amp;#x2019;s attorneys&amp;#x2019; fees) and prejudgment and post-judgment interest. The named Defendants intend to vigorously defend the action, deny all of the allegations of the Complaint, and believe the allegations to be wholly without any merit. The Defendants have filed motions to dismiss the case in its entirety in June 2019 which are currently still pending. The named Defendants intend to vigorously defend the action, deny all of the allegations of the Complaint, and believe the allegations to be wholly without any merit. On February 26, 2020, the Court denied IOR&amp;#x2019;s demand futility motion. The remaining Defendants filed motions to dismiss the case in its entirety in June 2019. The motions were granted in part and denied in part in the first quarter of 2020. Discovery is expected to begin in May of 2020.&lt;/p&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
    <us-gaap:EarningsPerShareTextBlock contextRef="From2020-01-01to2020-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"&gt;&lt;b&gt;NOTE 13. EARNINGS PER SHARE&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;Earnings Per Share (&amp;#8220;EPS&amp;#8221;) have been computed pursuant to the provisions of ASC Topic 260, &amp;#8220;Earnings Per Share&amp;#8221;. 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.&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;As of March 31, 2020, the Company have 614 shares issued and 1,800,614 shares outstanding of Series A 10.0% cumulative convertible preferred stock. 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.&amp;#160; These are considered in the computation of diluted earnings per share if the effect of applying the if-converted method is dilutive.&amp;#160; Of the issued 1,800,614 shares of Series A 10.0% cumulative convertible preferred stock, 1,800,000 shares are held by ARL and its subsidiaries.&amp;#160; Dividends are not paid on the shares owned by ARL.&lt;/p&gt;</us-gaap:EarningsPerShareTextBlock>
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>9
<FILENAME>arl-20200331_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_MaximumMember_lbl" xml:lang="en-US">Maximum [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" />
      <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="arl-20200331.xsd#arl_RelatedPartyMember" xlink:label="arl_RelatedPartyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RelatedPartyMember" xlink:to="arl_RelatedPartyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_RelatedPartyMember_lbl" xml:lang="en-US">Related Parties [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_OwnershipAxis" xlink:label="srt_OwnershipAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_OwnershipAxis" xlink:to="srt_OwnershipAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_OwnershipAxis_lbl" xml:lang="en-US">Ownership [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_TranscontinentalRealtyInvestorsMember" xlink:label="arl_TranscontinentalRealtyInvestorsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_TranscontinentalRealtyInvestorsMember" xlink:to="arl_TranscontinentalRealtyInvestorsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_TranscontinentalRealtyInvestorsMember_lbl" xml:lang="en-US">TCI [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_IncomeOpportunityRealtyInvestorsIncMember" xlink:label="arl_IncomeOpportunityRealtyInvestorsIncMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_IncomeOpportunityRealtyInvestorsIncMember" xlink:to="arl_IncomeOpportunityRealtyInvestorsIncMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_IncomeOpportunityRealtyInvestorsIncMember_lbl" xml:lang="en-US">Income Opportunity Realty Investors, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LegalEntityAxis" xlink:to="dei_LegalEntityAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LegalEntityAxis_lbl" xml:lang="en-US">Legal Entity [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:label="srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:to="srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_lbl" xml:lang="en-US">Real Estate, Type of Property [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_CommercialPropertyMember" xlink:label="arl_CommercialPropertyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_CommercialPropertyMember" xlink:to="arl_CommercialPropertyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_CommercialPropertyMember_lbl" xml:lang="en-US">Commercial lProperties [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_OfficeBuildingMember" xlink:label="srt_OfficeBuildingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_OfficeBuildingMember" xlink:to="srt_OfficeBuildingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_OfficeBuildingMember_lbl" xml:lang="en-US">Office Buildings [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_RetailSiteMember" xlink:label="srt_RetailSiteMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_RetailSiteMember" xlink:to="srt_RetailSiteMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_RetailSiteMember_lbl" xml:lang="en-US">Retail Properties [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ApartmentBuildingMember" xlink:label="srt_ApartmentBuildingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_ApartmentBuildingMember" xlink:to="srt_ApartmentBuildingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_ApartmentBuildingMember_lbl" xml:lang="en-US">Apartment Buildings [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_AbodeJypLlcMember" xlink:label="arl_AbodeJypLlcMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AbodeJypLlcMember" xlink:to="arl_AbodeJypLlcMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_AbodeJypLlcMember_lbl" xml:lang="en-US">Abode JVP, LLC [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_VictoryAbodeApartmentsLLCMember" xlink:label="arl_VictoryAbodeApartmentsLLCMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_VictoryAbodeApartmentsLLCMember" xlink:to="arl_VictoryAbodeApartmentsLLCMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_VictoryAbodeApartmentsLLCMember_lbl" xml:lang="en-US">Victory Abode Apartments, LLC [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonClassAMember" xlink:label="us-gaap_CommonClassAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonClassAMember" xlink:to="us-gaap_CommonClassAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonClassAMember_lbl" xml:lang="en-US">Class A [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_SummersetIntermediateHoldings2LLCMember" xlink:label="arl_SummersetIntermediateHoldings2LLCMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_SummersetIntermediateHoldings2LLCMember" xlink:to="arl_SummersetIntermediateHoldings2LLCMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_SummersetIntermediateHoldings2LLCMember_lbl" xml:lang="en-US">Summerset Intermediate Holdings 2 LLC [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_TitleOfIndividualAxis" xlink:label="srt_TitleOfIndividualAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_TitleOfIndividualAxis" xlink:to="srt_TitleOfIndividualAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_TitleOfIndividualAxis_lbl" xml:lang="en-US">Title of Individual [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ChiefExecutiveOfficerMember" xlink:label="srt_ChiefExecutiveOfficerMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_ChiefExecutiveOfficerMember" xlink:to="srt_ChiefExecutiveOfficerMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_ChiefExecutiveOfficerMember_lbl" xml:lang="en-US">Daniel J. Moos ARL's President and Chief Executive Officer [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonClassBMember" xlink:label="us-gaap_CommonClassBMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonClassBMember" xlink:to="us-gaap_CommonClassBMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonClassBMember_lbl" xml:lang="en-US">Class B [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:label="srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:to="srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_lbl" xml:lang="en-US">Investment, Name [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsAxis" xlink:label="us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsAxis" xlink:to="us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsAxis_lbl" xml:lang="en-US">Restricted Cash and Cash Equivalents [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_HeldInEscrowMember" xlink:label="arl_HeldInEscrowMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_HeldInEscrowMember" xlink:to="arl_HeldInEscrowMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_HeldInEscrowMember_lbl" xml:lang="en-US">Held In Escrow [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CertificatesOfDepositMember" xlink:label="us-gaap_CertificatesOfDepositMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CertificatesOfDepositMember" xlink:to="us-gaap_CertificatesOfDepositMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CertificatesOfDepositMember_lbl" xml:lang="en-US">Certificates of Deposit [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_HeldWithTrusteeMember" xlink:label="arl_HeldWithTrusteeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_HeldWithTrusteeMember" xlink:to="arl_HeldWithTrusteeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_HeldWithTrusteeMember_lbl" xml:lang="en-US">Held with Trustee [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_GruppaFlorentinaLlcMember" xlink:label="arl_GruppaFlorentinaLlcMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_GruppaFlorentinaLlcMember" xlink:to="arl_GruppaFlorentinaLlcMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_GruppaFlorentinaLlcMember_lbl" xml:lang="en-US">Gruppa Florentina LLC [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_MilanoMember" xlink:label="arl_MilanoMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_MilanoMember" xlink:to="arl_MilanoMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_MilanoMember_lbl" xml:lang="en-US">Milano [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_MeNEdsPizzaParlorsMember" xlink:label="arl_MeNEdsPizzaParlorsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_MeNEdsPizzaParlorsMember" xlink:to="arl_MeNEdsPizzaParlorsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_MeNEdsPizzaParlorsMember_lbl" xml:lang="en-US">Me-N-Ed's Pizza Parlors [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_Blast825PizzaMember" xlink:label="arl_Blast825PizzaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_Blast825PizzaMember" xlink:to="arl_Blast825PizzaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_Blast825PizzaMember_lbl" xml:lang="en-US">Blast 825 Pizza [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_SienaCorpMember" xlink:label="arl_SienaCorpMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_SienaCorpMember" xlink:to="arl_SienaCorpMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_SienaCorpMember_lbl" xml:lang="en-US">Siena Corp [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_PiazzaDelPaneIncMember" xlink:label="arl_PiazzaDelPaneIncMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_PiazzaDelPaneIncMember" xlink:to="arl_PiazzaDelPaneIncMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_PiazzaDelPaneIncMember_lbl" xml:lang="en-US">Piazza del Pane, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FranchisorDisclosureAxis" xlink:label="us-gaap_FranchisorDisclosureAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FranchisorDisclosureAxis" xlink:to="us-gaap_FranchisorDisclosureAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FranchisorDisclosureAxis_lbl" xml:lang="en-US">Franchisor Disclosure [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FranchisedUnitsMember" xlink:label="us-gaap_FranchisedUnitsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FranchisedUnitsMember" xlink:to="us-gaap_FranchisedUnitsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FranchisedUnitsMember_lbl" xml:lang="en-US">Franchised Units [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_AngeloAndVitosPizzeriasMember" xlink:label="arl_AngeloAndVitosPizzeriasMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AngeloAndVitosPizzeriasMember" xlink:to="arl_AngeloAndVitosPizzeriasMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_AngeloAndVitosPizzeriasMember_lbl" xml:lang="en-US">Angelo &amp; Vito's Pizzerias [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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-20200331.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="arl-20200331.xsd#arl_NotesPayableOtherPayables8Member" xlink:label="arl_NotesPayableOtherPayables8Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables8Member" xlink:to="arl_NotesPayableOtherPayables8Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NotesPayableOtherPayables8Member_lbl" xml:lang="en-US">Apartments Under Construction [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.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-20200331.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-20200331.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">Corporate and Other Notes [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_NonconvertibleDebenturesMember" xlink:label="arl_NonconvertibleDebenturesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NonconvertibleDebenturesMember" xlink:to="arl_NonconvertibleDebenturesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NonconvertibleDebenturesMember_lbl" xml:lang="en-US">Bonds (Series A) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_NonconvertibleDebentures1Member" xlink:label="arl_NonconvertibleDebentures1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NonconvertibleDebentures1Member" xlink:to="arl_NonconvertibleDebentures1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NonconvertibleDebentures1Member_lbl" xml:lang="en-US">Bonds (Series B) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_BondsSeriesBExpansionMember" xlink:label="arl_BondsSeriesBExpansionMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_BondsSeriesBExpansionMember" xlink:to="arl_BondsSeriesBExpansionMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_BondsSeriesBExpansionMember_lbl" xml:lang="en-US">Bonds (Series B expansion) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_BondsPayableMember" xlink:label="arl_BondsPayableMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_BondsPayableMember" xlink:to="arl_BondsPayableMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_BondsPayableMember_lbl" xml:lang="en-US">Bonds [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_AffiliatedEntityMember" xlink:label="srt_AffiliatedEntityMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_AffiliatedEntityMember" xlink:to="srt_AffiliatedEntityMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_AffiliatedEntityMember_lbl" xml:lang="en-US">Pillar Income Asset Management, Inc [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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 Preferred Stock [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="us-gaap_StatementEquityComponentsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="us-gaap_StatementEquityComponentsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xml:lang="en-US">Equity Components [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ComprehensiveIncomeMember" xlink:label="us-gaap_ComprehensiveIncomeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomeMember" xlink:to="us-gaap_ComprehensiveIncomeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ComprehensiveIncomeMember_lbl" xml:lang="en-US">Comprehensive Income (Loss) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="us-gaap_AdditionalPaidInCapitalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapitalMember" xlink:to="us-gaap_AdditionalPaidInCapitalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xml:lang="en-US">Paid-in Capital [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="us-gaap_RetainedEarningsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsMember" xlink:to="us-gaap_RetainedEarningsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsMember_lbl" xml:lang="en-US">Retained Earnings [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NoncontrollingInterestMember" xlink:label="us-gaap_NoncontrollingInterestMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncontrollingInterestMember" xlink:to="us-gaap_NoncontrollingInterestMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoncontrollingInterestMember_lbl" xml:lang="en-US">Non-controlling Interest [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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-20200331.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/srt/2020/elts/srt-2020-01-31.xsd#srt_ConsolidationItemsAxis" xlink:label="srt_ConsolidationItemsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_ConsolidationItemsAxis" xlink:to="srt_ConsolidationItemsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_ConsolidationItemsAxis_lbl" xml:lang="en-US">Consolidation Items [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingSegmentsMember" xlink:label="us-gaap_OperatingSegmentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingSegmentsMember" xlink:to="us-gaap_OperatingSegmentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingSegmentsMember_lbl" xml:lang="en-US">Operating Segments [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.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-20200331.xsd#arl_LandSegmentsAdjustedMember" xlink:label="arl_LandSegmentsAdjustedMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_LandSegmentsAdjustedMember" xlink:to="arl_LandSegmentsAdjustedMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_LandSegmentsAdjustedMember_lbl" xml:lang="en-US">Land [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_OtherMember" xlink:label="arl_OtherMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_OtherMember" xlink:to="arl_OtherMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_OtherMember_lbl" xml:lang="en-US">Other [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MaterialReconcilingItemsMember" xlink:label="us-gaap_MaterialReconcilingItemsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MaterialReconcilingItemsMember" xlink:to="us-gaap_MaterialReconcilingItemsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MaterialReconcilingItemsMember_lbl" xml:lang="en-US">Segment Reconciling Items [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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-20200331.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-20200331.xsd#arl_H198LLCMcKinneyRanchLandMember" xlink:label="arl_H198LLCMcKinneyRanchLandMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_H198LLCMcKinneyRanchLandMember" xlink:to="arl_H198LLCMcKinneyRanchLandMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_H198LLCMcKinneyRanchLandMember_lbl" xml:lang="en-US">H198, LLC (McKinney Ranch Land) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_RAIPFBL2018PurchFeeNoteWeatherfordMember" xlink:label="arl_RAIPFBL2018PurchFeeNoteWeatherfordMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RAIPFBL2018PurchFeeNoteWeatherfordMember" xlink:to="arl_RAIPFBL2018PurchFeeNoteWeatherfordMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_RAIPFBL2018PurchFeeNoteWeatherfordMember_lbl" xml:lang="en-US">RAI PFBL 2018 Purch Fee Note Weatherford [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_ForestPinesMember" xlink:label="arl_ForestPinesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_ForestPinesMember" xlink:to="arl_ForestPinesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_ForestPinesMember_lbl" xml:lang="en-US">Forest Pines [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_SpyglassApartmentsofEnnisLPMember" xlink:label="arl_SpyglassApartmentsofEnnisLPMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_SpyglassApartmentsofEnnisLPMember" xlink:to="arl_SpyglassApartmentsofEnnisLPMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_SpyglassApartmentsofEnnisLPMember_lbl" xml:lang="en-US">Spyglass Apartments of Ennis, LP [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_BellwetherRidgeMember" xlink:label="arl_BellwetherRidgeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_BellwetherRidgeMember" xlink:to="arl_BellwetherRidgeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_BellwetherRidgeMember_lbl" xml:lang="en-US">Bellwether Ridge [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_ParcatWindmillFarmsMember" xlink:label="arl_ParcatWindmillFarmsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_ParcatWindmillFarmsMember" xlink:to="arl_ParcatWindmillFarmsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_ParcatWindmillFarmsMember_lbl" xml:lang="en-US">Parc at Windmill Farms [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.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. (Echo Station) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.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. (Inwood on the Park) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.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. (Kensington Park) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.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. (Lakeshore Villas) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationIncLimestoneRanch2Member" xlink:label="arl_UnifiedHousingFoundationIncLimestoneRanch2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncLimestoneRanch2Member" xlink:to="arl_UnifiedHousingFoundationIncLimestoneRanch2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationIncLimestoneRanch2Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. (Lakeshore Villas) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember" xlink:to="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. (Lakeshore Villas) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIIMember" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIIMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIIMember" xlink:to="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIIMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIIMember_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. (Limestone Ranch) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI2Member" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI2Member" xlink:to="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI2Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. (Limestone Ranch) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI3Member" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI3Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI3Member" xlink:to="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI3Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI3Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. (Limestone Ranch) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.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. (Timbers of Terrell) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.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. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LoansReceivableMember" xlink:label="us-gaap_LoansReceivableMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansReceivableMember" xlink:to="us-gaap_LoansReceivableMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LoansReceivableMember_lbl" xml:lang="en-US">One Realco Corp [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_LoansReceivable1Member" xlink:label="arl_LoansReceivable1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_LoansReceivable1Member" xlink:to="arl_LoansReceivable1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_LoansReceivable1Member_lbl" xml:lang="en-US">Realty Advisors Mgmt [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.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/verboseLabel" xlink:label="arl_UnifiedHousingFoundationInc5Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.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/verboseLabel" xlink:label="arl_UnifiedHousingFoundationInc6Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_OtherRelatedPartyNotesMember" xlink:label="arl_OtherRelatedPartyNotesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_OtherRelatedPartyNotesMember" xlink:to="arl_OtherRelatedPartyNotesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_OtherRelatedPartyNotesMember_lbl" xml:lang="en-US">Other Related Party Notes [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_OtherNonRelatedPartyNotesMember" xlink:label="arl_OtherNonRelatedPartyNotesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_OtherNonRelatedPartyNotesMember" xlink:to="arl_OtherNonRelatedPartyNotesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_OtherNonRelatedPartyNotesMember_lbl" xml:lang="en-US">Other Non-Related Party Notes [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationIncLimestoneRanc42Member" xlink:label="arl_UnifiedHousingFoundationIncLimestoneRanc42Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncLimestoneRanc42Member" xlink:to="arl_UnifiedHousingFoundationIncLimestoneRanc42Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationIncLimestoneRanc42Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. (Lakeshore Villas) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI5Member" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI5Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI5Member" xlink:to="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI5Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI5Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. (Limestone Ranch) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI6Member" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI6Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI6Member" xlink:to="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI6Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI6Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. (Marquis at Vista Ridge) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI7Member" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI7Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI7Member" xlink:to="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI7Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI7Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. (Timbers at the Park) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI9Member" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI9Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI9Member" xlink:to="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI9Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI9Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. (Bella Vista) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationInc7Member" xlink:label="arl_UnifiedHousingFoundationInc7Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc7Member" xlink:to="arl_UnifiedHousingFoundationInc7Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationInc7Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationInc8Member" xlink:label="arl_UnifiedHousingFoundationInc8Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc8Member" xlink:to="arl_UnifiedHousingFoundationInc8Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationInc8Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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-20200331.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 Debt Guarantee [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_LitigationCaseAxis" xlink:label="srt_LitigationCaseAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_LitigationCaseAxis" xlink:to="srt_LitigationCaseAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_LitigationCaseAxis_lbl" xml:lang="en-US">Litigation Case [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.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. Litigation [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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.Litigation [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_BasicEntityMember" xlink:label="arl_BasicEntityMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_BasicEntityMember" xlink:to="arl_BasicEntityMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_BasicEntityMember_lbl" xml:lang="en-US">Basic Capital Management, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_AmericanRealtyTrustIncMember" xlink:label="arl_AmericanRealtyTrustIncMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AmericanRealtyTrustIncMember" xlink:to="arl_AmericanRealtyTrustIncMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_AmericanRealtyTrustIncMember_lbl" xml:lang="en-US">American Reality Trust, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ConsolidatedEntitiesAxis" xlink:label="srt_ConsolidatedEntitiesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_ConsolidatedEntitiesAxis" xlink:to="srt_ConsolidatedEntitiesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_ConsolidatedEntitiesAxis_lbl" xml:lang="en-US">Consolidated Entities [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_SubsidiariesMember" xlink:label="srt_SubsidiariesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_SubsidiariesMember" xlink:to="srt_SubsidiariesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_SubsidiariesMember_lbl" xml:lang="en-US">Subsidiaries [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_AmericanRealtyInvestorsIncAndSubsidiariesMember" xlink:label="arl_AmericanRealtyInvestorsIncAndSubsidiariesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AmericanRealtyInvestorsIncAndSubsidiariesMember" xlink:to="arl_AmericanRealtyInvestorsIncAndSubsidiariesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_AmericanRealtyInvestorsIncAndSubsidiariesMember_lbl" xml:lang="en-US">ARL and Subsidiaries [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_AmericanRealtyInvestorsIncMember" xlink:label="arl_AmericanRealtyInvestorsIncMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AmericanRealtyInvestorsIncMember" xlink:to="arl_AmericanRealtyInvestorsIncMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_AmericanRealtyInvestorsIncMember_lbl" xml:lang="en-US">ARL [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_StatementGeographicalAxis" xlink:label="srt_StatementGeographicalAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_StatementGeographicalAxis" xlink:to="srt_StatementGeographicalAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_StatementGeographicalAxis_lbl" xml:lang="en-US">Geographical [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_FarmersBranchTexasMember" xlink:label="arl_FarmersBranchTexasMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_FarmersBranchTexasMember" xlink:to="arl_FarmersBranchTexasMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_FarmersBranchTexasMember_lbl" xml:lang="en-US">Farmers Branch, Texas [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_AutumnBreezeMember" xlink:label="arl_AutumnBreezeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AutumnBreezeMember" xlink:to="arl_AutumnBreezeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_AutumnBreezeMember_lbl" xml:lang="en-US">Autumn Breeze [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_PlumTreeMember" xlink:label="arl_PlumTreeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_PlumTreeMember" xlink:to="arl_PlumTreeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_PlumTreeMember_lbl" xml:lang="en-US">Plum Tree [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_PlumTreeMember" xlink:to="arl_PlumTreeMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_PlumTreeMember_2_lbl" xml:lang="en-US">custom:Plum Tree [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_RNCRevolvingLineOfCreditMember" xlink:label="arl_RNCRevolvingLineOfCreditMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RNCRevolvingLineOfCreditMember" xlink:to="arl_RNCRevolvingLineOfCreditMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_RNCRevolvingLineOfCreditMember_lbl" xml:lang="en-US">RNC Revolving Line Of Credit [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_SteepleCrestMember" xlink:label="arl_SteepleCrestMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_SteepleCrestMember" xlink:to="arl_SteepleCrestMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_SteepleCrestMember_lbl" xml:lang="en-US">Steeple Crest [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_SteepleCrestMember" xlink:to="arl_SteepleCrestMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_SteepleCrestMember_2_lbl" xml:lang="en-US">custom:Steeple Crest [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_BondsSeriesCMember" xlink:label="arl_BondsSeriesCMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_BondsSeriesCMember" xlink:to="arl_BondsSeriesCMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_BondsSeriesCMember_lbl" xml:lang="en-US">Bonds (Series C) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_KentOHMember" xlink:label="arl_KentOHMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_KentOHMember" xlink:to="arl_KentOHMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_KentOHMember_lbl" xml:lang="en-US">Kent, OH [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_NonconvertibleDebentures2Member" xlink:label="arl_NonconvertibleDebentures2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NonconvertibleDebentures2Member" xlink:to="arl_NonconvertibleDebentures2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_NonconvertibleDebentures2Member_lbl" xml:lang="en-US">Bonds (Series C) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_ProspectusEndeavorsFourLLCMember" xlink:label="arl_ProspectusEndeavorsFourLLCMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_ProspectusEndeavorsFourLLCMember" xlink:to="arl_ProspectusEndeavorsFourLLCMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_ProspectusEndeavorsFourLLCMember_lbl" xml:lang="en-US">Prospectus Endeavors 4, LLC [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_ProspectusEndeavorsSixLLCMember" xlink:label="arl_ProspectusEndeavorsSixLLCMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_ProspectusEndeavorsSixLLCMember" xlink:to="arl_ProspectusEndeavorsSixLLCMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_ProspectusEndeavorsSixLLCMember_lbl" xml:lang="en-US">Prospectus Endeavors 6, LLC [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_InglesideMember" xlink:label="arl_InglesideMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_InglesideMember" xlink:to="arl_InglesideMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_InglesideMember_lbl" xml:lang="en-US">Parc at Ingleside [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationInc9Member" xlink:label="arl_UnifiedHousingFoundationInc9Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc9Member" xlink:to="arl_UnifiedHousingFoundationInc9Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationInc9Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationInc10Member" xlink:label="arl_UnifiedHousingFoundationInc10Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc10Member" xlink:to="arl_UnifiedHousingFoundationInc10Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationInc10Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationInc11Member" xlink:label="arl_UnifiedHousingFoundationInc11Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc11Member" xlink:to="arl_UnifiedHousingFoundationInc11Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationInc11Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationInc12Member" xlink:label="arl_UnifiedHousingFoundationInc12Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc12Member" xlink:to="arl_UnifiedHousingFoundationInc12Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationInc12Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationInc13Member" xlink:label="arl_UnifiedHousingFoundationInc13Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc13Member" xlink:to="arl_UnifiedHousingFoundationInc13Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationInc13Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessAcquisitionAxis" xlink:label="us-gaap_BusinessAcquisitionAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="us-gaap_BusinessAcquisitionAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessAcquisitionAxis_lbl" xml:lang="en-US">Business Acquisition [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_EQKPortageLLCMember" xlink:label="arl_EQKPortageLLCMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EQKPortageLLCMember" xlink:to="arl_EQKPortageLLCMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_EQKPortageLLCMember_lbl" xml:lang="en-US">EQK Portage, LLC [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RelatedPartyMember" xlink:to="arl_RelatedPartyMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_RelatedPartyMember_2_lbl" xml:lang="en-US">Related Party [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NotesReceivableMember" xlink:label="us-gaap_NotesReceivableMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesReceivableMember" xlink:to="us-gaap_NotesReceivableMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NotesReceivableMember_lbl" xml:lang="en-US">Notes Receivable [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_SeriesABondsMember" xlink:label="arl_SeriesABondsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_SeriesABondsMember" xlink:to="arl_SeriesABondsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_SeriesABondsMember_lbl" xml:lang="en-US">Series A Bonds [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_SeriesABCBondsMember" xlink:label="arl_SeriesABCBondsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_SeriesABCBondsMember" xlink:to="arl_SeriesABCBondsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_SeriesABCBondsMember_lbl" xml:lang="en-US">Series A, B and C Bonds [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CurrencyAxis" xlink:label="srt_CurrencyAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_CurrencyAxis" xlink:to="srt_CurrencyAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_CurrencyAxis_lbl" xml:lang="en-US">Currency [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2020/currency-2020-01-31.xsd#currency_ILS" xlink:label="currency_ILS" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_ILS" xlink:to="currency_ILS_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_ILS_lbl" xml:lang="en-US">Israel, New Shekels [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CoverAbstract" xlink:label="dei_CoverAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CoverAbstract" xlink:to="dei_CoverAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CoverAbstract_lbl" xml:lang="en-US">Cover [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.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="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.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="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.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="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.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="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.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="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.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="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.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">Entity Reporting Status Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.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>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.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="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.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="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.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="arl-20200331.xsd#arl_ConsolidatedBalanceSheetsUnauditedAbstract" xlink:label="arl_ConsolidatedBalanceSheetsUnauditedAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_ConsolidatedBalanceSheetsUnauditedAbstract" xlink:to="arl_ConsolidatedBalanceSheetsUnauditedAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_ConsolidatedBalanceSheetsUnauditedAbstract_lbl" xml:lang="en-US">Consolidated Balance Sheets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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-20200331.xsd#arl_RealEstateSubjectToSalesContractsAtCost" xlink:label="arl_RealEstateSubjectToSalesContractsAtCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RealEstateSubjectToSalesContractsAtCost" xlink:to="arl_RealEstateSubjectToSalesContractsAtCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_RealEstateSubjectToSalesContractsAtCost_lbl" xml:lang="en-US">Real estate subject to sales contracts at cost</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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 and interest receivable (including $106,148 in 2020 and $105,524 in 2019 from related parties)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivableAllowanceForCreditLosses" xlink:label="us-gaap_FinancingReceivableAllowanceForCreditLosses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancingReceivableAllowanceForCreditLosses" xlink:to="us-gaap_FinancingReceivableAllowanceForCreditLosses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_FinancingReceivableAllowanceForCreditLosses_lbl" xml:lang="en-US">Less allowance for estimated losses (including $12,557 and $13,099 in 2020 and 2019 from related parties)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NotesReceivableNet" xlink:label="us-gaap_NotesReceivableNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesReceivableNet" xlink:to="us-gaap_NotesReceivableNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NotesReceivableNet_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/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashEquivalentsAtCarryingValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashEquivalentsAtCarryingValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RealEstateInvestmentsJointVentures" xlink:label="us-gaap_RealEstateInvestmentsJointVentures" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInvestmentsJointVentures" xlink:to="us-gaap_RealEstateInvestmentsJointVentures_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateInvestmentsJointVentures_lbl" xml:lang="en-US">Investment in VAA</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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">Investment in other unconsolidated investees</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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 and interest payable</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_BondAndBondInterestPayable" xlink:label="arl_BondAndBondInterestPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_BondAndBondInterestPayable" xlink:to="arl_BondAndBondInterestPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_BondAndBondInterestPayable_lbl" xml:lang="en-US">Bond and interest payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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 $24,762 in 2020 and 2019 to related parties)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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 $12,069 in 2020 and $11,817 in 2019 to related parties)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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 614 and outstanding 1,800,614 in 2020 and 2019 (liquidation preference $10 per share), including 1,800,000 shares held by ARL and its subsidiaries in 2020 and 2019.</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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, 100,000,000 shares authorized; 16,412,861 shares issued and 15,997,076 outstanding as of 2020 and 2019, including 140,000 shares held by TCI (consolidated) in 2020 and 2019.</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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 2020 and 2019, and 140,000 shares held by TCI (consolidated) as of 2020 and 2019.</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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>
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      <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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesReceivableGross" xlink:to="us-gaap_NotesReceivableGross_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NotesReceivableGross_2_lbl" xml:lang="en-US">Notes and interest receivable</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancingReceivableAllowanceForCreditLosses" xlink:to="us-gaap_FinancingReceivableAllowanceForCreditLosses_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancingReceivableAllowanceForCreditLosses_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</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</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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">Preferred stock, par value (in dollars per share)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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">Preferred stock, authorized (in shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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">Preferred stock, issued (in shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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">Preferred stock, outstanding (in shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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">Preferred stock, liquidation preference (in dollars per share)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RevenuesAbstract" xlink:label="us-gaap_RevenuesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenuesAbstract" xlink:to="us-gaap_RevenuesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RevenuesAbstract_lbl" xml:lang="en-US">Revenues:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Revenues" xlink:label="us-gaap_Revenues" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Revenues_lbl" xml:lang="en-US">Rental and other property revenues (including $221 and $113 for the three months ended 2020 and 2019, respectively, from related parties)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingExpensesAbstract" xlink:label="us-gaap_OperatingExpensesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpensesAbstract" xlink:to="us-gaap_OperatingExpensesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingExpensesAbstract_lbl" xml:lang="en-US">Expenses:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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 $242 and $257 for the three months ended 2020 and 2019, respectively, from related parties)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="us-gaap_DepreciationAndAmortization" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationAndAmortization" xlink:to="us-gaap_DepreciationAndAmortization_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xml:lang="en-US">Depreciation and amortization</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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 $1,133 and $1,597 for the three months ended 2020 and 2019, respectively, from related parties)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TaxesOther" xlink:label="us-gaap_TaxesOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TaxesOther" xlink:to="us-gaap_TaxesOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TaxesOther_lbl" xml:lang="en-US">Franchise taxes and other expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.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-20200331.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/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CostsAndExpenses" xlink:label="us-gaap_CostsAndExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostsAndExpenses" xlink:to="us-gaap_CostsAndExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CostsAndExpenses_lbl" xml:lang="en-US">Total operating expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/totalLabel" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xml:lang="en-US">Net operating loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NonoperatingIncomeExpenseAbstract" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingIncomeExpenseAbstract" xlink:to="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" xml:lang="en-US">Other income (expenses):</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentIncomeInterest" xlink:label="us-gaap_InvestmentIncomeInterest" />
      <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 (including $5,031 and $5,881 for the three months ended 2020 and 2019, respectively, from related parties)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherNonoperatingIncomeExpense" xlink:label="us-gaap_OtherNonoperatingIncomeExpense" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherNonoperatingIncomeExpense_lbl" xml:lang="en-US">Other income</link:label>
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      <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 $1,915 and $2,307 for the three months ended 2020 and 2019, respectively, from related parties)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" xlink:label="us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" xlink:to="us-gaap_ForeignCurrencyTransactionGainLossBeforeTax_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ForeignCurrencyTransactionGainLossBeforeTax_lbl" xml:lang="en-US">Foreign currency transaction (loss) gain</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:label="us-gaap_GainsLossesOnExtinguishmentOfDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:to="us-gaap_GainsLossesOnExtinguishmentOfDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainsLossesOnExtinguishmentOfDebt_lbl" xml:lang="en-US">Loss on extinguishment of debt</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_EarningsFromVaa" xlink:label="arl_EarningsFromVaa" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EarningsFromVaa" xlink:to="arl_EarningsFromVaa_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_EarningsFromVaa_lbl" xml:lang="en-US">Equity loss from VAA</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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 income (expenses)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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">Income (loss) before gain on land sales, non-controlling interest, and taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_GainLossOnLandSales" xlink:label="arl_GainLossOnLandSales" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_GainLossOnLandSales" xlink:to="arl_GainLossOnLandSales_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_GainLossOnLandSales_lbl" xml:lang="en-US">Gain on land sales</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:to="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic_lbl" xml:lang="en-US">Net income (loss) from continuing operations before taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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">State inncome tax expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:to="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Net (income) loss attributable to non-controlling interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/totalLabel" 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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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">(Loss) earnings per share - basic</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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 (loss) applicable to common shares (in dollars per share)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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">(Loss) earnings per share - diluted</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="us-gaap_EarningsPerShareDiluted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareDiluted" xlink:to="us-gaap_EarningsPerShareDiluted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_EarningsPerShareDiluted_lbl" xml:lang="en-US">Net income (loss) applicable to common shares (in dollars per share)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesIssuedBasic" xlink:label="us-gaap_WeightedAverageNumberOfSharesIssuedBasic" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesIssuedBasic" xlink:to="us-gaap_WeightedAverageNumberOfSharesIssuedBasic_lbl" xlink:type="arc" />
      <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>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xml:lang="en-US">Weighted average common shares used in computing diluted earnings per share (in shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsAttributableToParentAbstract" xlink:label="us-gaap_IncomeLossFromContinuingOperationsAttributableToParentAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsAttributableToParentAbstract" xlink:to="us-gaap_IncomeLossFromContinuingOperationsAttributableToParentAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsAttributableToParentAbstract_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/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeLossFromContinuingOperations" xlink:label="us-gaap_IncomeLossFromContinuingOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperations" xlink:to="us-gaap_IncomeLossFromContinuingOperations_lbl" xlink:type="arc" />
      <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: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/label" xlink:label="us-gaap_NetIncomeLoss_2_lbl" xml:lang="en-US">Net income (loss) applicable to American Realty Investors, Inc.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_Revenues_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>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentIncomeInterest" xlink:to="us-gaap_InvestmentIncomeInterest_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InvestmentIncomeInterest_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_InterestExpenseDebt" xlink:to="us-gaap_InterestExpenseDebt_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" 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/2020/elts/us-gaap-2020-01-31.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, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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, 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="arl-20200331.xsd#arl_AdjustmentToAdditionalPaidInCapitalDistributionToEquityPartner" xlink:label="arl_AdjustmentToAdditionalPaidInCapitalDistributionToEquityPartner" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AdjustmentToAdditionalPaidInCapitalDistributionToEquityPartner" xlink:to="arl_AdjustmentToAdditionalPaidInCapitalDistributionToEquityPartner_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="arl_AdjustmentToAdditionalPaidInCapitalDistributionToEquityPartner_lbl" xml:lang="en-US">Distribution to equity partner</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_3_lbl" xlink:type="arc" />
      <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, 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, end (in shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:label="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:to="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_lbl" xml:lang="en-US">Statement of Comprehensive Income [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomeNetOfTax" xlink:to="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xml:lang="en-US">Total comprehensive income (loss)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:to="us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Comprehensive (income) loss attributable to non-controlling interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" xlink:to="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Cash Flow From Operating Activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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 (loss) applicable to common shares to net cash used in operating activities:</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" xlink:to="us-gaap_ForeignCurrencyTransactionGainLossBeforeTax_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_ForeignCurrencyTransactionGainLossBeforeTax_2_lbl" xml:lang="en-US">Foreign currency transaction (gain) loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AllowanceForLoanAndLeaseLossRecoveryOfBadDebts" xlink:label="us-gaap_AllowanceForLoanAndLeaseLossRecoveryOfBadDebts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForLoanAndLeaseLossRecoveryOfBadDebts" xlink:to="us-gaap_AllowanceForLoanAndLeaseLossRecoveryOfBadDebts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_AllowanceForLoanAndLeaseLossRecoveryOfBadDebts_lbl" xml:lang="en-US">Allowance for bad debt</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_GainLossOnLandSales" xlink:to="arl_GainLossOnLandSales_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="arl_GainLossOnLandSales_2_lbl" xml:lang="en-US">Gain on sale of land</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="us-gaap_DepreciationDepletionAndAmortization" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationDepletionAndAmortization" xlink:to="us-gaap_DepreciationDepletionAndAmortization_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl" xml:lang="en-US">Depreciation and amortization</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AmortizationOfDeferredCharges" xlink:label="us-gaap_AmortizationOfDeferredCharges" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfDeferredCharges" xlink:to="us-gaap_AmortizationOfDeferredCharges_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AmortizationOfDeferredCharges_lbl" xml:lang="en-US">Amortization of deferred borrowing costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="us-gaap_AmortizationOfFinancingCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfFinancingCosts" xlink:to="us-gaap_AmortizationOfFinancingCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AmortizationOfFinancingCosts_lbl" xml:lang="en-US">Amortization of bond issuance costs</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_EarningsFromJointVenture" xlink:label="arl_EarningsFromJointVenture" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EarningsFromJointVenture" xlink:to="arl_EarningsFromJointVenture_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="arl_EarningsFromJointVenture_lbl" xml:lang="en-US">Loss from joint venture</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/2009/role/negatedLabel" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_2_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/2020/elts/us-gaap-2020-01-31.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">(Increase) decrease in assets:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties_lbl" xml:lang="en-US">Related party receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash (used in) operating activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsToAcquireLand" xlink:label="us-gaap_PaymentsToAcquireLand" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireLand" xlink:to="us-gaap_PaymentsToAcquireLand_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquireLand_lbl" xml:lang="en-US">Acquisition of land held for development</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital" xlink:label="us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital" xlink:to="us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital_lbl" xml:lang="en-US">Distribution from equity investee</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsToDevelopRealEstateAssets" xlink:label="us-gaap_PaymentsToDevelopRealEstateAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToDevelopRealEstateAssets" xlink:to="us-gaap_PaymentsToDevelopRealEstateAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToDevelopRealEstateAssets_lbl" xml:lang="en-US">Improvement of income producing properties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsForConstructionInProcess" xlink:label="us-gaap_PaymentsForConstructionInProcess" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForConstructionInProcess" xlink:to="us-gaap_PaymentsForConstructionInProcess_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsForConstructionInProcess_lbl" xml:lang="en-US">Construction and development of new properties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net cash provided by (used in) investing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Cash Flow From Financing Activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_PaymentsForBonds" xlink:label="arl_PaymentsForBonds" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_PaymentsForBonds" xlink:to="arl_PaymentsForBonds_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="arl_PaymentsForBonds_lbl" xml:lang="en-US">Bond payments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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-20200331.xsd#arl_RecurringPaymentOfPrincipalOnNotesPayable" xlink:label="arl_RecurringPaymentOfPrincipalOnNotesPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RecurringPaymentOfPrincipalOnNotesPayable" xlink:to="arl_RecurringPaymentOfPrincipalOnNotesPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="arl_RecurringPaymentOfPrincipalOnNotesPayable_lbl" xml:lang="en-US">Recurring payment of principal on notes payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsOfDistributionsToAffiliates" xlink:label="us-gaap_PaymentsOfDistributionsToAffiliates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDistributionsToAffiliates" xlink:to="us-gaap_PaymentsOfDistributionsToAffiliates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsOfDistributionsToAffiliates_lbl" xml:lang="en-US">Distributions to equity partner</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xml:lang="en-US">Net cash (used in) financing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:to="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_lbl" xml:lang="en-US">Net (decrease) increase in cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_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_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_2_lbl" xml:lang="en-US">Cash and cash equivalents, end of period</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestPaidNet" xlink:label="us-gaap_InterestPaidNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPaidNet" xlink:to="us-gaap_InterestPaidNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestPaidNet_lbl" xml:lang="en-US">Cash paid for interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NoncashInvestingAndFinancingItemsAbstract" xlink:label="us-gaap_NoncashInvestingAndFinancingItemsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncashInvestingAndFinancingItemsAbstract" xlink:to="us-gaap_NoncashInvestingAndFinancingItemsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoncashInvestingAndFinancingItemsAbstract_lbl" xml:lang="en-US">Schedule of noncash investing and financing activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NoncashOrPartNoncashAcquisitionPayablesAssumed1" xlink:label="us-gaap_NoncashOrPartNoncashAcquisitionPayablesAssumed1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncashOrPartNoncashAcquisitionPayablesAssumed1" xlink:to="us-gaap_NoncashOrPartNoncashAcquisitionPayablesAssumed1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoncashOrPartNoncashAcquisitionPayablesAssumed1_lbl" xml:lang="en-US">Notes payable issued on acquisition of land held for development</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock_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/2020/elts/us-gaap-2020-01-31.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="arl-20200331.xsd#arl_InvestmentInVaaDisclosureTextBlock" xlink:label="arl_InvestmentInVaaDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_InvestmentInVaaDisclosureTextBlock" xlink:to="arl_InvestmentInVaaDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_InvestmentInVaaDisclosureTextBlock_lbl" xml:lang="en-US">INVESTMENT IN VAA</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SupplementalCashFlowElementsAbstract" xlink:label="us-gaap_SupplementalCashFlowElementsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SupplementalCashFlowElementsAbstract" xlink:to="us-gaap_SupplementalCashFlowElementsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SupplementalCashFlowElementsAbstract_lbl" xml:lang="en-US">Supplemental Cash Flow Elements [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashFlowSupplementalDisclosuresTextBlock" xlink:label="us-gaap_CashFlowSupplementalDisclosuresTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashFlowSupplementalDisclosuresTextBlock" xlink:to="us-gaap_CashFlowSupplementalDisclosuresTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashFlowSupplementalDisclosuresTextBlock_lbl" xml:lang="en-US">SUPPLEMENTAL CASH FLOW INFORMATION</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityMethodInvestmentsDisclosureTextBlock" xlink:label="us-gaap_EquityMethodInvestmentsDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentsDisclosureTextBlock" xlink:to="us-gaap_EquityMethodInvestmentsDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentsDisclosureTextBlock_lbl" xml:lang="en-US">INVESTMENT IN UNCONSOLIDATED INVESTEES</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="us-gaap_DebtDisclosureAbstract" />
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      <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>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock_lbl" xml:lang="en-US">Schedule of accounts receivable from and (accounts payable) to related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:label="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:to="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_lbl" xml:lang="en-US">Schedule of operating segment, including segment assets and expenditures</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock" xlink:label="us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock" xlink:to="us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock_lbl" xml:lang="en-US">Schedule of reconciliaton of segment information to consolidated statements of operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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 reconciliaton segment information to consolidated balance sheets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:to="us-gaap_PropertyPlantAndEquipmentByTypeAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis_2_lbl" xml:lang="en-US">Long-Lived Tangible Asset [Axis]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_RangeAxis" xlink:to="srt_RangeAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="srt_RangeAxis_2_lbl" xml:lang="en-US">Statistical Measurement [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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="arl-20200331.xsd#arl_VotingInterestInJointVenture" xlink:label="arl_VotingInterestInJointVenture" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_VotingInterestInJointVenture" xlink:to="arl_VotingInterestInJointVenture_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_VotingInterestInJointVenture_lbl" xml:lang="en-US">Voting interest in joint venture</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_ProfitParticipationRightsPercentage" xlink:label="arl_ProfitParticipationRightsPercentage" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_ProfitParticipationRightsPercentage" xlink:to="arl_ProfitParticipationRightsPercentage_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_ProfitParticipationRightsPercentage_lbl" xml:lang="en-US">Profit participation rights percentage</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationConsiderationTransferred1" xlink:label="us-gaap_BusinessCombinationConsiderationTransferred1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationConsiderationTransferred1" xlink:to="us-gaap_BusinessCombinationConsiderationTransferred1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessCombinationConsiderationTransferred1_lbl" xml:lang="en-US">Cash consideration</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetRentableArea" xlink:label="us-gaap_NetRentableArea" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetRentableArea" xlink:to="us-gaap_NetRentableArea_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetRentableArea_lbl" xml:lang="en-US">Rentable square feet</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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-20200331.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/2020/elts/us-gaap-2020-01-31.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-20200331.xsd#arl_AmortizationLifeOfFinancingProperties" xlink:label="arl_AmortizationLifeOfFinancingProperties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AmortizationLifeOfFinancingProperties" xlink:to="arl_AmortizationLifeOfFinancingProperties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_AmortizationLifeOfFinancingProperties_lbl" xml:lang="en-US">Amortization life of financing properties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAbstract" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAbstract" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAbstract_lbl" xml:lang="en-US">Balance Sheet</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">Net real estate assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtLongtermAndShorttermCombinedAmount" xlink:label="us-gaap_DebtLongtermAndShorttermCombinedAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtLongtermAndShorttermCombinedAmount" xlink:to="us-gaap_DebtLongtermAndShorttermCombinedAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DebtLongtermAndShorttermCombinedAmount_lbl" xml:lang="en-US">Debt, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2009/role/negatedLabel" 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/2009/role/negatedLabel" xlink:label="us-gaap_StockholdersEquity_2_lbl" xml:lang="en-US">Total equity</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_ResultsOfOperationsAbstract" xlink:label="arl_ResultsOfOperationsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_ResultsOfOperationsAbstract" xlink:to="arl_ResultsOfOperationsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_ResultsOfOperationsAbstract_lbl" xml:lang="en-US">Results of Operations</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_Revenues_3_lbl" xml:lang="en-US">Total revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2009/role/negatedLabel" xlink:label="us-gaap_OperatingExpenses_lbl" xml:lang="en-US">Total property, operating, and maintenance expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_DepreciationAndAmortization" xlink:to="us-gaap_DepreciationAndAmortization_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DepreciationAndAmortization_2_lbl" xml:lang="en-US">Depreciation and Amortization</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_EquityMethodInvestmentTotalOtherExpense" xlink:label="arl_EquityMethodInvestmentTotalOtherExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquityMethodInvestmentTotalOtherExpense" xlink:to="arl_EquityMethodInvestmentTotalOtherExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="arl_EquityMethodInvestmentTotalOtherExpense_lbl" xml:lang="en-US">Total other expense</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/totalLabel" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_3_lbl" xml:lang="en-US">Net loss</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_AdjustmentsToReconcileToEarningsFromVAAAbstract" xlink:label="arl_AdjustmentsToReconcileToEarningsFromVAAAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AdjustmentsToReconcileToEarningsFromVAAAbstract" xlink:to="arl_AdjustmentsToReconcileToEarningsFromVAAAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_AdjustmentsToReconcileToEarningsFromVAAAbstract_lbl" xml:lang="en-US">Adjustments to reconcile to income (loss) from VAA</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_EquityMethodInterestExpenseOnMezzanineLoan" xlink:label="arl_EquityMethodInterestExpenseOnMezzanineLoan" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquityMethodInterestExpenseOnMezzanineLoan" xlink:to="arl_EquityMethodInterestExpenseOnMezzanineLoan_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="arl_EquityMethodInterestExpenseOnMezzanineLoan_lbl" xml:lang="en-US">Interest expense on mezzanine loan</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_EquitymethodLeaseIntangiblesAmortizationExpense" xlink:label="arl_EquitymethodLeaseIntangiblesAmortizationExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquitymethodLeaseIntangiblesAmortizationExpense" xlink:to="arl_EquitymethodLeaseIntangiblesAmortizationExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="arl_EquitymethodLeaseIntangiblesAmortizationExpense_lbl" xml:lang="en-US">In-place lease intangibles - amortization expense</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_EquityMethodDepreciationBasisDifferences" xlink:label="arl_EquityMethodDepreciationBasisDifferences" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquityMethodDepreciationBasisDifferences" xlink:to="arl_EquityMethodDepreciationBasisDifferences_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="arl_EquityMethodDepreciationBasisDifferences_lbl" xml:lang="en-US">Depreciation basis differences</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_EquityMethodAdjustedNetIncome" xlink:label="arl_EquityMethodAdjustedNetIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquityMethodAdjustedNetIncome" xlink:to="arl_EquityMethodAdjustedNetIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="arl_EquityMethodAdjustedNetIncome_lbl" xml:lang="en-US">Net loss</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:to="us-gaap_EquityMethodInvestmentOwnershipPercentage_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_EquityMethodInvestmentOwnershipPercentage_2_lbl" xml:lang="en-US">Percentage ownership in VAA</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EarningsFromJointVenture" xlink:to="arl_EarningsFromJointVenture_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_EarningsFromJointVenture_2_lbl" xml:lang="en-US">Loss from VAA</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RealEstateSubjectToSalesContractsAtCost" xlink:to="arl_RealEstateSubjectToSalesContractsAtCost_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_RealEstateSubjectToSalesContractsAtCost_2_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/2020/elts/us-gaap-2020-01-31.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, at cost, less impairment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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 deprecation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RealEstateInvestments" xlink:label="us-gaap_RealEstateInvestments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInvestments" xlink:to="us-gaap_RealEstateInvestments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_RealEstateInvestments_lbl" xml:lang="en-US">Total real estate, net of depreciation</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_AreaOfLandSold" xlink:label="arl_AreaOfLandSold" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AreaOfLandSold" xlink:to="arl_AreaOfLandSold_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_AreaOfLandSold_lbl" xml:lang="en-US">Area of land sold</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromSaleOfLandHeldforinvestment" xlink:label="us-gaap_ProceedsFromSaleOfLandHeldforinvestment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleOfLandHeldforinvestment" xlink:to="us-gaap_ProceedsFromSaleOfLandHeldforinvestment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ProceedsFromSaleOfLandHeldforinvestment_lbl" xml:lang="en-US">Proceeds from sale of land</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_GainLossOnLandSales" xlink:to="arl_GainLossOnLandSales_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_GainLossOnLandSales_3_lbl" xml:lang="en-US">Gain on sale of land</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromSaleOfProductiveAssets" xlink:label="us-gaap_ProceedsFromSaleOfProductiveAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleOfProductiveAssets" xlink:to="us-gaap_ProceedsFromSaleOfProductiveAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSaleOfProductiveAssets_lbl" xml:lang="en-US">Proceeds from sale of property</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/label" xlink:label="us-gaap_GainLossOnSaleOfProperties_lbl" xml:lang="en-US">Gain (loss) on sale of property</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromSaleAndCollectionOfReceivables" xlink:label="us-gaap_ProceedsFromSaleAndCollectionOfReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleAndCollectionOfReceivables" xlink:to="us-gaap_ProceedsFromSaleAndCollectionOfReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSaleAndCollectionOfReceivables_lbl" xml:lang="en-US">Proceeds from sale of receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired" xlink:label="us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired" xlink:to="us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired_lbl" xml:lang="en-US">Percentage of interest acquired</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_AreaOfLandPurchased" xlink:label="arl_AreaOfLandPurchased" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AreaOfLandPurchased" xlink:to="arl_AreaOfLandPurchased_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_AreaOfLandPurchased_lbl" xml:lang="en-US">Area of land purchased</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsToAcquireRealEstateHeldForInvestment" xlink:label="us-gaap_PaymentsToAcquireRealEstateHeldForInvestment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireRealEstateHeldForInvestment" xlink:to="us-gaap_PaymentsToAcquireRealEstateHeldForInvestment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireRealEstateHeldForInvestment_lbl" xml:lang="en-US">Purchase price of properties</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.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/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NotesReceivableRelatedParties" xlink:label="us-gaap_NotesReceivableRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesReceivableRelatedParties" xlink:to="us-gaap_NotesReceivableRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NotesReceivableRelatedParties_lbl" xml:lang="en-US">Notes receivable related parties</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireLand" xlink:to="us-gaap_PaymentsToAcquireLand_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireLand_2_lbl" xml:lang="en-US">Payments to acquire land</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="us-gaap_DebtInstrumentFaceAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentFaceAmount" xlink:to="us-gaap_DebtInstrumentFaceAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentFaceAmount_lbl" xml:lang="en-US">Debt instrument principal amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TimesharingTransactionsStatedInterestRateForNotesReceivable" xlink:label="us-gaap_TimesharingTransactionsStatedInterestRateForNotesReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TimesharingTransactionsStatedInterestRateForNotesReceivable" xlink:to="us-gaap_TimesharingTransactionsStatedInterestRateForNotesReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TimesharingTransactionsStatedInterestRateForNotesReceivable_lbl" xml:lang="en-US">Interest rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireNotesReceivable" xlink:to="us-gaap_PaymentsToAcquireNotesReceivable_2_lbl" xlink:type="arc" />
      <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">Purchase of notes receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="us-gaap_RepaymentsOfLongTermDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfLongTermDebt" xlink:to="us-gaap_RepaymentsOfLongTermDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl" xml:lang="en-US">Payment of bond principal</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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">Payment of interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/verboseLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_3_lbl" xml:lang="en-US">Total cash, cash equivalents and restricted cash</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPaidNet" xlink:to="us-gaap_InterestPaidNet_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InterestPaidNet_2_lbl" xml:lang="en-US">Interest expense paid</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_4_lbl" xml:lang="en-US">Cash and cash equivalents, and restricted cash</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_DescriptionOfProperty" xlink:label="arl_DescriptionOfProperty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DescriptionOfProperty" xlink:to="arl_DescriptionOfProperty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_DescriptionOfProperty_lbl" xml:lang="en-US">Description of property</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_MortgageLoanOnRealEstateFinalMaturityDate" xlink:label="srt_MortgageLoanOnRealEstateFinalMaturityDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_MortgageLoanOnRealEstateFinalMaturityDate" xlink:to="srt_MortgageLoanOnRealEstateFinalMaturityDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_MortgageLoanOnRealEstateFinalMaturityDate_lbl" xml:lang="en-US">Maturity Date</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_MortgageLoanOnRealEstateFinalMaturityDateDescription" xlink:label="arl_MortgageLoanOnRealEstateFinalMaturityDateDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_MortgageLoanOnRealEstateFinalMaturityDateDescription" xlink:to="arl_MortgageLoanOnRealEstateFinalMaturityDateDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_MortgageLoanOnRealEstateFinalMaturityDateDescription_lbl" xml:lang="en-US">Description of maturity date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_MortgageLoansOnRealEstateInterestRate" xlink:label="srt_MortgageLoansOnRealEstateInterestRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_MortgageLoansOnRealEstateInterestRate" xlink:to="srt_MortgageLoansOnRealEstateInterestRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_MortgageLoansOnRealEstateInterestRate_lbl" xml:lang="en-US">Interest Rate</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.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:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesReceivableGross" xlink:to="us-gaap_NotesReceivableGross_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_NotesReceivableGross_3_lbl" xml:lang="en-US">Notes and interest receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.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/2020/elts/us-gaap-2020-01-31.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:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancingReceivableAllowanceForCreditLosses" xlink:to="us-gaap_FinancingReceivableAllowanceForCreditLosses_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="us-gaap_FinancingReceivableAllowanceForCreditLosses_3_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_NotesReceivableNet" xlink:to="us-gaap_NotesReceivableNet_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NotesReceivableNet_2_lbl" xml:lang="en-US">Total notes and interest receivable</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesReceivableNet" xlink:to="us-gaap_NotesReceivableNet_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NotesReceivableNet_3_lbl" xml:lang="en-US">Notes and interest receivable</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromCollectionOfNotesReceivable" xlink:to="us-gaap_ProceedsFromCollectionOfNotesReceivable_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ProceedsFromCollectionOfNotesReceivable_2_lbl" xml:lang="en-US">Collection of notes receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionRate" xlink:label="us-gaap_RelatedPartyTransactionRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionRate" xlink:to="us-gaap_RelatedPartyTransactionRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_RelatedPartyTransactionRate_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_RealEstateInvestmentPropertyNet" xlink:to="us-gaap_RealEstateInvestmentPropertyNet_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RealEstateInvestmentPropertyNet_3_lbl" xml:lang="en-US">Real estate, net of accumulated depreciation</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesPayable" xlink:to="us-gaap_NotesPayable_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_NotesPayable_2_lbl" xml:lang="en-US">Notes payable</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="us-gaap_StockholdersEquity_3_lbl" xml:lang="en-US">Shareholders' equity/partners capital</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="us-gaap_Revenues_4_lbl" xml:lang="en-US">Revenue</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationAndAmortization" xlink:to="us-gaap_DepreciationAndAmortization_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="us-gaap_DepreciationAndAmortization_3_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/negatedTerseLabel" xlink:label="us-gaap_OperatingExpenses_2_lbl" xml:lang="en-US">Operating expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperations" xlink:to="us-gaap_IncomeLossFromContinuingOperations_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperations_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_IncomeLossFromEquityMethodInvestments" xlink:to="us-gaap_IncomeLossFromEquityMethodInvestments_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_4_lbl" xml:lang="en-US">Company's 20% proportionate share of earnings</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestOwnershipPercentageByParent" xlink:to="us-gaap_MinorityInterestOwnershipPercentageByParent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_MinorityInterestOwnershipPercentageByParent_2_lbl" xml:lang="en-US">Investee's ownership percentage</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_NumberOfPizzaParlor" xlink:label="arl_NumberOfPizzaParlor" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NumberOfPizzaParlor" xlink:to="arl_NumberOfPizzaParlor_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NumberOfPizzaParlor_lbl" xml:lang="en-US">Number of pizza parlor</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_NumberOfGrill" xlink:label="arl_NumberOfGrill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NumberOfGrill" xlink:to="arl_NumberOfGrill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NumberOfGrill_lbl" xml:lang="en-US">Number of grill</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NumberOfRestaurants" xlink:label="us-gaap_NumberOfRestaurants" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NumberOfRestaurants" xlink:to="us-gaap_NumberOfRestaurants_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NumberOfRestaurants_lbl" xml:lang="en-US">Number of restaurants</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_NumberOfFranchise" xlink:label="arl_NumberOfFranchise" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NumberOfFranchise" xlink:to="arl_NumberOfFranchise_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NumberOfFranchise_lbl" xml:lang="en-US">Number of franchise</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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">Total notes payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredFinanceCostsNet" xlink:label="us-gaap_DeferredFinanceCostsNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredFinanceCostsNet" xlink:to="us-gaap_DeferredFinanceCostsNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DeferredFinanceCostsNet_lbl" xml:lang="en-US">Less: unamortized deferred borrowing costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="us-gaap_DebtInstrumentCarryingAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentCarryingAmount" xlink:to="us-gaap_DebtInstrumentCarryingAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_DebtInstrumentCarryingAmount_lbl" xml:lang="en-US">Total outstanding notes payable, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestPayableCurrentAndNoncurrent" xlink:label="us-gaap_InterestPayableCurrentAndNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPayableCurrentAndNoncurrent" xlink:to="us-gaap_InterestPayableCurrentAndNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestPayableCurrentAndNoncurrent_lbl" xml:lang="en-US">Accrued Interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/totalLabel" xlink:label="us-gaap_LongTermDebt_lbl" xml:lang="en-US">Total notes payable, net and accrued interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConstructionLoan" xlink:label="us-gaap_ConstructionLoan" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConstructionLoan" xlink:to="us-gaap_ConstructionLoan_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConstructionLoan_lbl" xml:lang="en-US">Construction loan</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesPayable" xlink:to="us-gaap_NotesPayable_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NotesPayable_3_lbl" xml:lang="en-US">Notes payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:to="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl" xml:lang="en-US">Interest rate</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_BondsPayable" xlink:label="arl_BondsPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_BondsPayable" xlink:to="arl_BondsPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_BondsPayable_lbl" xml:lang="en-US">Total outstanding bonds</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredFinanceCostsNet" xlink:to="us-gaap_DeferredFinanceCostsNet_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="us-gaap_DeferredFinanceCostsNet_2_lbl" xml:lang="en-US">Less: deferred bond issuance costs</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_TotalOutstandingBondsNet" xlink:label="arl_TotalOutstandingBondsNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_TotalOutstandingBondsNet" xlink:to="arl_TotalOutstandingBondsNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="arl_TotalOutstandingBondsNet_lbl" xml:lang="en-US">Total outstanding bonds, net</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_TotalOustandingBondsNetAndAccruredInterest" xlink:label="arl_TotalOustandingBondsNetAndAccruredInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_TotalOustandingBondsNetAndAccruredInterest" xlink:to="arl_TotalOustandingBondsNetAndAccruredInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="arl_TotalOustandingBondsNetAndAccruredInterest_lbl" xml:lang="en-US">Total oustanding bonds, net and accrued interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtByMaturityAbstract" xlink:label="us-gaap_LongTermDebtByMaturityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtByMaturityAbstract" xlink:to="us-gaap_LongTermDebtByMaturityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtByMaturityAbstract_lbl" xml:lang="en-US">Year ended December 31,</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_lbl" xml:lang="en-US">2020</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_lbl" xml:lang="en-US">2021</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_lbl" xml:lang="en-US">2022</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_lbl" xml:lang="en-US">2023</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_lbl" xml:lang="en-US">2024</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_lbl" xml:lang="en-US">Thereafter</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_BondsPayable" xlink:to="arl_BondsPayable_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="arl_BondsPayable_2_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentRiskAxis" xlink:label="us-gaap_DerivativeInstrumentRiskAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentRiskAxis" xlink:to="us-gaap_DerivativeInstrumentRiskAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeInstrumentRiskAxis_lbl" xml:lang="en-US">Derivative Instrument [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DueFromRelatedPartiesUnclassifiedAbstract" xlink:label="us-gaap_DueFromRelatedPartiesUnclassifiedAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DueFromRelatedPartiesUnclassifiedAbstract" xlink:to="us-gaap_DueFromRelatedPartiesUnclassifiedAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DueFromRelatedPartiesUnclassifiedAbstract_lbl" xml:lang="en-US">Related party receivables [Roll Forward]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionDueFromToRelatedParty" xlink:label="us-gaap_RelatedPartyTransactionDueFromToRelatedParty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionDueFromToRelatedParty" xlink:to="us-gaap_RelatedPartyTransactionDueFromToRelatedParty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_RelatedPartyTransactionDueFromToRelatedParty_lbl" xml:lang="en-US">Related party receivable, beginning balance, December 31, 2019</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromRepaymentsOfRelatedPartyDebt" xlink:label="us-gaap_ProceedsFromRepaymentsOfRelatedPartyDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromRepaymentsOfRelatedPartyDebt" xlink:to="us-gaap_ProceedsFromRepaymentsOfRelatedPartyDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromRepaymentsOfRelatedPartyDebt_lbl" xml:lang="en-US">Cash transfers</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AdvisoryFeeToRelatedParty" xlink:to="arl_AdvisoryFeeToRelatedParty_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="arl_AdvisoryFeeToRelatedParty_2_lbl" xml:lang="en-US">Advisory fees</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NetIncomeFeeToRelatedParty1" xlink:to="arl_NetIncomeFeeToRelatedParty1_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="arl_NetIncomeFeeToRelatedParty1_2_lbl" xml:lang="en-US">Net income fee</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_DueFromRelatedCostReimbursements" xlink:label="arl_DueFromRelatedCostReimbursements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DueFromRelatedCostReimbursements" xlink:to="arl_DueFromRelatedCostReimbursements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="arl_DueFromRelatedCostReimbursements_lbl" xml:lang="en-US">Cost reimbursements</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_InterestIncomeRelatedPartyReceivable" xlink:label="arl_InterestIncomeRelatedPartyReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_InterestIncomeRelatedPartyReceivable" xlink:to="arl_InterestIncomeRelatedPartyReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_InterestIncomeRelatedPartyReceivable_lbl" xml:lang="en-US">Interest income</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_NotesReceivablePurchasedRelatedParty" xlink:label="arl_NotesReceivablePurchasedRelatedParty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesReceivablePurchasedRelatedParty" xlink:to="arl_NotesReceivablePurchasedRelatedParty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NotesReceivablePurchasedRelatedParty_lbl" xml:lang="en-US">Notes receivable purchased</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty_lbl" xml:lang="en-US">Expenses (paid) received by Advisor</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsForMortgageDeposits" xlink:label="us-gaap_PaymentsForMortgageDeposits" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForMortgageDeposits" xlink:to="us-gaap_PaymentsForMortgageDeposits_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsForMortgageDeposits_lbl" xml:lang="en-US">Financing (mortgage payments)</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_IntercompanyPropertyTransfers" xlink:label="arl_IntercompanyPropertyTransfers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_IntercompanyPropertyTransfers" xlink:to="arl_IntercompanyPropertyTransfers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_IntercompanyPropertyTransfers_lbl" xml:lang="en-US">Intercompany property transfers</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionDueFromToRelatedParty" xlink:to="us-gaap_RelatedPartyTransactionDueFromToRelatedParty_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_RelatedPartyTransactionDueFromToRelatedParty_2_lbl" xml:lang="en-US">Related party receivable, ending balance, March 31, 2020</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredGainOnSaleOfProperty" xlink:label="us-gaap_DeferredGainOnSaleOfProperty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredGainOnSaleOfProperty" xlink:to="us-gaap_DeferredGainOnSaleOfProperty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredGainOnSaleOfProperty_lbl" xml:lang="en-US">Deferred gain</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ContractWithCustomerLiabilityRevenueRecognized" xlink:label="us-gaap_ContractWithCustomerLiabilityRevenueRecognized" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ContractWithCustomerLiabilityRevenueRecognized" xlink:to="us-gaap_ContractWithCustomerLiabilityRevenueRecognized_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ContractWithCustomerLiabilityRevenueRecognized_lbl" xml:lang="en-US">Recognition of gain on sale of land</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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/2020/elts/us-gaap-2020-01-31.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-20200331.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:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestIncomeOther" xlink:label="us-gaap_InterestIncomeOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestIncomeOther" xlink:to="us-gaap_InterestIncomeOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InterestIncomeOther_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_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingIncomeLoss_2_lbl" xml:lang="en-US">Segment operating (loss) income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_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_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:loc xlink:type="locator" xlink:href="arl-20200331.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-20200331.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="arl-20200331.xsd#arl_RealEstateCostOfSales" xlink:label="arl_RealEstateCostOfSales" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RealEstateCostOfSales" xlink:to="arl_RealEstateCostOfSales_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="arl_RealEstateCostOfSales_lbl" xml:lang="en-US">Cost of sale</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfProperties" xlink:to="us-gaap_GainLossOnSaleOfProperties_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_GainLossOnSaleOfProperties_2_lbl" xml:lang="en-US">Gain on sale</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_SegmentOperatingIncome" xlink:label="arl_SegmentOperatingIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_SegmentOperatingIncome" xlink:to="arl_SegmentOperatingIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_SegmentOperatingIncome_lbl" xml:lang="en-US">Segment operating income</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.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_TaxesOther" xlink:to="us-gaap_TaxesOther_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_TaxesOther_2_lbl" xml:lang="en-US">Franchise taxes and other expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NetIncomeFeeToRelatedParty1" xlink:to="arl_NetIncomeFeeToRelatedParty1_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="arl_NetIncomeFeeToRelatedParty1_3_lbl" xml:lang="en-US">Net income fee to related party</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AdvisoryFeeToRelatedParty" xlink:to="arl_AdvisoryFeeToRelatedParty_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="arl_AdvisoryFeeToRelatedParty_3_lbl" xml:lang="en-US">Advisory fee to related party</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" xlink:to="us-gaap_ForeignCurrencyTransactionGainLossBeforeTax_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ForeignCurrencyTransactionGainLossBeforeTax_3_lbl" xml:lang="en-US">Foreign Currency Transaction gain (loss)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EarningsFromJointVenture" xlink:to="arl_EarningsFromJointVenture_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_EarningsFromJointVenture_3_lbl" xml:lang="en-US">Loss from joint venture</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromEquityMethodInvestments" xlink:to="us-gaap_IncomeLossFromEquityMethodInvestments_5_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_5_lbl" xml:lang="en-US">Earnings from unconsolidated investees</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_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/2020/elts/us-gaap-2020-01-31.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/label" xlink:label="us-gaap_AccountsAndNotesReceivableNet_lbl" xml:lang="en-US">Notes and interest receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_OtherAssetsAndReceivables" xlink:label="arl_OtherAssetsAndReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_OtherAssetsAndReceivables" xlink:to="arl_OtherAssetsAndReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_OtherAssetsAndReceivables_lbl" xml:lang="en-US">Other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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">Loan guarantee amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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 value</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_LossContingencyActualDamagesAwardedValue" xlink:label="arl_LossContingencyActualDamagesAwardedValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_LossContingencyActualDamagesAwardedValue" xlink:to="arl_LossContingencyActualDamagesAwardedValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_LossContingencyActualDamagesAwardedValue_lbl" xml:lang="en-US">Actual damages awarded value</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_LossContingencyDamagesAwardedInterestValue" xlink:label="arl_LossContingencyDamagesAwardedInterestValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_LossContingencyDamagesAwardedInterestValue" xlink:to="arl_LossContingencyDamagesAwardedInterestValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_LossContingencyDamagesAwardedInterestValue_lbl" xml:lang="en-US">Interest damages awarded value</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.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-20200331.xsd#arl_AwardedAttorneyFees" xlink:label="arl_AwardedAttorneyFees" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AwardedAttorneyFees" xlink:to="arl_AwardedAttorneyFees_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_AwardedAttorneyFees_lbl" xml:lang="en-US">Awarded attorney fees</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.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="arl-20200331.xsd#arl_CommonStockHeldByPlantiff" xlink:label="arl_CommonStockHeldByPlantiff" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_CommonStockHeldByPlantiff" xlink:to="arl_CommonStockHeldByPlantiff_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_CommonStockHeldByPlantiff_lbl" xml:lang="en-US">Common stock held by shareholder of lawsuit</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesIssued" xlink:to="us-gaap_PreferredStockSharesIssued_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PreferredStockSharesIssued_2_lbl" xml:lang="en-US">Series A Preferred stock, issued (in shares)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesOutstanding" xlink:to="us-gaap_PreferredStockSharesOutstanding_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PreferredStockSharesOutstanding_2_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/2020/elts/us-gaap-2020-01-31.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">Series A Preferred stock, dividend percentage</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.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-20200331.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:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AbodeJypLlcMember" xlink:to="arl_AbodeJypLlcMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_AbodeJypLlcMember_doc" xml:lang="en-US">Abode JVP, LLC</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AdjustmentToAdditionalPaidInCapitalDistributionToEquityPartner" xlink:to="arl_AdjustmentToAdditionalPaidInCapitalDistributionToEquityPartner_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_AdjustmentToAdditionalPaidInCapitalDistributionToEquityPartner_doc" xml:lang="en-US">Amount represents value of distribution to equity partner.</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_AmericanRealtyInvestorsIncAndSubsidiariesMember" xlink:to="arl_AmericanRealtyInvestorsIncAndSubsidiariesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_AmericanRealtyInvestorsIncAndSubsidiariesMember_doc" xml:lang="en-US">American Realty Investors, Inc. and subsidiaries.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AmericanRealtyInvestorsIncMember" xlink:to="arl_AmericanRealtyInvestorsIncMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_AmericanRealtyInvestorsIncMember_doc" xml:lang="en-US">American Realty Investors, Inc.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AmericanRealtyTrustIncMember" xlink:to="arl_AmericanRealtyTrustIncMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_AmericanRealtyTrustIncMember_doc" xml:lang="en-US">American Realty Trust, Inc.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AmortizationLifeOfFinancingProperties" xlink:to="arl_AmortizationLifeOfFinancingProperties_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_AmortizationLifeOfFinancingProperties_doc" xml:lang="en-US">Amortization life of financing properties.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AngeloAndVitosPizzeriasMember" xlink:to="arl_AngeloAndVitosPizzeriasMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_AngeloAndVitosPizzeriasMember_doc" xml:lang="en-US">Angelo &amp;amp;amp;amp;amp;amp; Vito&amp;amp;amp;amp;amp;#8217;s Pizzerias.</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_AreaOfLandPurchased" xlink:to="arl_AreaOfLandPurchased_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_AreaOfLandPurchased_doc" xml:lang="en-US">The area of land purchased during the period.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AreaOfLandSold" xlink:to="arl_AreaOfLandSold_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_AreaOfLandSold_doc" xml:lang="en-US">The area of land sold during the period.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_AthensAlabamaMember" xlink:label="arl_AthensAlabamaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AthensAlabamaMember" xlink:to="arl_AthensAlabamaMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_AthensAlabamaMember_doc" xml:lang="en-US">The member refer to name of real estate.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AutumnBreezeMember" xlink:to="arl_AutumnBreezeMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_AutumnBreezeMember_doc" xml:lang="en-US">The member represent autumn breeze</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:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_BankLeumiMember" xlink:label="arl_BankLeumiMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_BankLeumiMember" xlink:to="arl_BankLeumiMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_BankLeumiMember_doc" xml:lang="en-US">This member stands for bank leumi.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_BasicEntityMember" xlink:to="arl_BasicEntityMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_BasicEntityMember_doc" xml:lang="en-US">Information pertaining to Basical Capital Management Inc.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_BellwetherRidgeMember" xlink:to="arl_BellwetherRidgeMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_BellwetherRidgeMember_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_Blast825PizzaMember" xlink:to="arl_Blast825PizzaMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_Blast825PizzaMember_doc" xml:lang="en-US">Blast 825 Pizza.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_BondAndBondInterestPayable" xlink:to="arl_BondAndBondInterestPayable_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_BondAndBondInterestPayable_doc" xml:lang="en-US">Bond and bond interest payable.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_BondsAndBondsInterestPayableDisclosureTextBlock" xlink:to="arl_BondsAndBondsInterestPayableDisclosureTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_BondsAndBondsInterestPayableDisclosureTextBlock_doc" xml:lang="en-US">Disclosure of bonds and bonds interest payable.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_BondsPayable" xlink:to="arl_BondsPayable_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_BondsPayable_doc" xml:lang="en-US">It represents bonds.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_BondsPayableMember" xlink:to="arl_BondsPayableMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_BondsPayableMember_doc" xml:lang="en-US">Carrying value of bonds as of reporting period end date.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_BondsSeriesBExpansionMember" xlink:to="arl_BondsSeriesBExpansionMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_BondsSeriesBExpansionMember_doc" xml:lang="en-US">Represents information related to bonds series b expansion.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_BondsSeriesCMember" xlink:to="arl_BondsSeriesCMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_BondsSeriesCMember_doc" xml:lang="en-US">Member stand for bond series for C of the entity.</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_CommercialPropertyMember" xlink:to="arl_CommercialPropertyMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_CommercialPropertyMember_doc" xml:lang="en-US">Commercial property.</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_CommonStockHeldByPlantiff" xlink:to="arl_CommonStockHeldByPlantiff_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_CommonStockHeldByPlantiff_doc" xml:lang="en-US">Common shares held by plantiff in lawsuit against the entity.</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_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_DescriptionOfProperty" xlink:to="arl_DescriptionOfProperty_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_DescriptionOfProperty_doc" xml:lang="en-US">Identifies the site (such as country, region, state, county or municipality) of the property or properties under mortgage.</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_EQKPortageLLCMember" xlink:to="arl_EQKPortageLLCMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_EQKPortageLLCMember_doc" xml:lang="en-US">Information about the EQK Portage LLC.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EarningsFromJointVenture" xlink:to="arl_EarningsFromJointVenture_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_EarningsFromJointVenture_doc" xml:lang="en-US">This item represents the entity's proportionate share for the period of the net income (loss) of its investee the joint venture.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EarningsFromVaa" xlink:to="arl_EarningsFromVaa_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_EarningsFromVaa_doc" xml:lang="en-US">The amount of earning from vaa.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquityMethodAdjustedNetIncome" xlink:to="arl_EquityMethodAdjustedNetIncome_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_EquityMethodAdjustedNetIncome_doc" xml:lang="en-US">Adjusted net income of the equity method investment.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquityMethodDepreciationBasisDifferences" xlink:to="arl_EquityMethodDepreciationBasisDifferences_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_EquityMethodDepreciationBasisDifferences_doc" xml:lang="en-US">Depreciation basis difference to reconcile net income (loss) of equity method investment.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquityMethodInterestExpenseOnMezzanineLoan" xlink:to="arl_EquityMethodInterestExpenseOnMezzanineLoan_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_EquityMethodInterestExpenseOnMezzanineLoan_doc" xml:lang="en-US">Interest expense on mezzanine loan to reconcile net income (loss) of equity method investment.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquityMethodInvestmentTotalOtherExpense" xlink:to="arl_EquityMethodInvestmentTotalOtherExpense_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_EquityMethodInvestmentTotalOtherExpense_doc" xml:lang="en-US">The amount of the other expenses reported by an equity method investment of the entity.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquitymethodLeaseIntangiblesAmortizationExpense" xlink:to="arl_EquitymethodLeaseIntangiblesAmortizationExpense_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_EquitymethodLeaseIntangiblesAmortizationExpense_doc" xml:lang="en-US">Amortization expense to reconcile net income (loss) of equity method investment.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_FamilyTrustMember" xlink:label="arl_FamilyTrustMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_FamilyTrustMember" xlink:to="arl_FamilyTrustMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_FamilyTrustMember_doc" xml:lang="en-US">Financing arrangement representing a contractual right to receive money either on demand or on fixed and determinable dates.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_FarmersBranchTexasMember" xlink:to="arl_FarmersBranchTexasMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_FarmersBranchTexasMember_doc" xml:lang="en-US">Farmers Branch, Texas.</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:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_ForeignCurrencyHedgeContractMember" xlink:label="arl_ForeignCurrencyHedgeContractMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_ForeignCurrencyHedgeContractMember" xlink:to="arl_ForeignCurrencyHedgeContractMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_ForeignCurrencyHedgeContractMember_doc" xml:lang="en-US">This member stands for foreign currency hedge contract.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_ForestPinesMember" xlink:to="arl_ForestPinesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_ForestPinesMember_doc" xml:lang="en-US">Information by name of property.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_ForneyTexasMember" xlink:label="arl_ForneyTexasMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_ForneyTexasMember" xlink:to="arl_ForneyTexasMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_ForneyTexasMember_doc" xml:lang="en-US">This member stands for forney Texas.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_FortWorthMember" xlink:label="arl_FortWorthMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_FortWorthMember" xlink:to="arl_FortWorthMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_FortWorthMember_doc" xml:lang="en-US">The member refer to name of real estate.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_FortWorthTexasMember" xlink:label="arl_FortWorthTexasMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_FortWorthTexasMember" xlink:to="arl_FortWorthTexasMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_FortWorthTexasMember_doc" xml:lang="en-US">Information by fortworth taxes.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_GainLossOnLandSales" xlink:to="arl_GainLossOnLandSales_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_GainLossOnLandSales_doc" xml:lang="en-US">This element represents the amount of gain (loss) on sale of land during the reporting period.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_GruppaFlorentinaLlcMember" xlink:to="arl_GruppaFlorentinaLlcMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_GruppaFlorentinaLlcMember_doc" xml:lang="en-US">Gruppa Florentina, LLC</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.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_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:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_H198LLCLasVegasLandMemberMember" xlink:label="arl_H198LLCLasVegasLandMemberMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_H198LLCLasVegasLandMemberMember" xlink:to="arl_H198LLCLasVegasLandMemberMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_H198LLCLasVegasLandMemberMember_doc" xml:lang="en-US">Information by type of receivable.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_H198LLCLegacyAtPleasantGroveLandMember" xlink:label="arl_H198LLCLegacyAtPleasantGroveLandMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_H198LLCLegacyAtPleasantGroveLandMember" xlink:to="arl_H198LLCLegacyAtPleasantGroveLandMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_H198LLCLegacyAtPleasantGroveLandMember_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_H198LLCMcKinneyRanchLandMember" xlink:to="arl_H198LLCMcKinneyRanchLandMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_H198LLCMcKinneyRanchLandMember_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_HeldInEscrowMember" xlink:to="arl_HeldInEscrowMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_HeldInEscrowMember_doc" xml:lang="en-US">Information by category of cash or cash equivalent items which are restricted as to withdrawal or usage.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_HeldWithTrusteeMember" xlink:to="arl_HeldWithTrusteeMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_HeldWithTrusteeMember_doc" xml:lang="en-US">Information by category of cash or cash equivalent items which are restricted as to withdrawal or usage.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_IncomeOpportunityRealtyInvestorsIncMember" xlink:to="arl_IncomeOpportunityRealtyInvestorsIncMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_IncomeOpportunityRealtyInvestorsIncMember_doc" xml:lang="en-US">Income Opportunity Realty Investors, Inc. (&amp;amp;amp;amp;#8220;IOR&amp;amp;amp;amp;#8221;)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_InglesideMember" xlink:to="arl_InglesideMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_InglesideMember_doc" xml:lang="en-US">Represent information about the ingleside.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_IntercompanyPropertyTransfers" xlink:to="arl_IntercompanyPropertyTransfers_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_IntercompanyPropertyTransfers_doc" xml:lang="en-US">The amount of intercompany property transfers.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_InterestIncomeRelatedPartyReceivable" xlink:to="arl_InterestIncomeRelatedPartyReceivable_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_InterestIncomeRelatedPartyReceivable_doc" xml:lang="en-US">Interest income related party receivable.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_InvestmentInVaaDisclosureTextBlock" xlink:to="arl_InvestmentInVaaDisclosureTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_InvestmentInVaaDisclosureTextBlock_doc" xml:lang="en-US">Disclosure of investment in VAA.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_KaufmanCountyMember" xlink:label="arl_KaufmanCountyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_KaufmanCountyMember" xlink:to="arl_KaufmanCountyMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_KaufmanCountyMember_doc" xml:lang="en-US">The member refer to name of real estate.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_KaufmanCountyTexasMember" xlink:label="arl_KaufmanCountyTexasMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_KaufmanCountyTexasMember" xlink:to="arl_KaufmanCountyTexasMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_KaufmanCountyTexasMember_doc" xml:lang="en-US">Information by kaufman county texas.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_KentOHMember" xlink:to="arl_KentOHMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_KentOHMember_doc" xml:lang="en-US">Information about the area.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_LandSegmentsAdjustedMember" xlink:to="arl_LandSegmentsAdjustedMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_LandSegmentsAdjustedMember_doc" xml:lang="en-US">Land segments.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_LoansReceivable1Member" xlink:to="arl_LoansReceivable1Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_LoansReceivable1Member_doc" xml:lang="en-US">An amount of money or property, or a portion thereof, leant to a borrower (debtor) in exchange for a promise to repay the amount borrowed plus interest at a date certain in the future.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_LossContingencyActualDamagesAwardedValue" xlink:to="arl_LossContingencyActualDamagesAwardedValue_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_LossContingencyActualDamagesAwardedValue_doc" xml:lang="en-US">The actual value (monetary amount) of the damages 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_LossContingencyDamagesAwardedInterestValue" xlink:to="arl_LossContingencyDamagesAwardedInterestValue_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_LossContingencyDamagesAwardedInterestValue_doc" xml:lang="en-US">The interest value (monetary amount) of the damages awarded to the plaintiff in the legal matter.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_MaryEsterFloridaMember" xlink:label="arl_MaryEsterFloridaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_MaryEsterFloridaMember" xlink:to="arl_MaryEsterFloridaMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_MaryEsterFloridaMember_doc" xml:lang="en-US">The member refer to name of real estate.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_MeNEdsPizzaParlorsMember" xlink:to="arl_MeNEdsPizzaParlorsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_MeNEdsPizzaParlorsMember_doc" xml:lang="en-US">Me-N-Ed&amp;amp;amp;amp;amp;#8217;s Pizza Parlors.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_MercerCrossingAndLandInDallasTexasMember" xlink:label="arl_MercerCrossingAndLandInDallasTexasMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_MercerCrossingAndLandInDallasTexasMember" xlink:to="arl_MercerCrossingAndLandInDallasTexasMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_MercerCrossingAndLandInDallasTexasMember_doc" xml:lang="en-US">Mercer Crossing land holdings in Farmers Branch, Texas and land in Dallas, Texas.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_MercerCrossingLandHoldingsMember" xlink:label="arl_MercerCrossingLandHoldingsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_MercerCrossingLandHoldingsMember" xlink:to="arl_MercerCrossingLandHoldingsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_MercerCrossingLandHoldingsMember_doc" xml:lang="en-US">Represents real estate subject to sales contract.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_MilanoMember" xlink:to="arl_MilanoMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_MilanoMember_doc" xml:lang="en-US">Milano Restaurants International Corporation, (&amp;amp;amp;amp;amp;#8220;Milano&amp;amp;amp;amp;amp;#8221;).</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_MortgageLoanOnRealEstateFinalMaturityDateDescription" xlink:to="arl_MortgageLoanOnRealEstateFinalMaturityDateDescription_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_MortgageLoanOnRealEstateFinalMaturityDateDescription_doc" xml:lang="en-US">Description of maturity date.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_NashvilleMember" xlink:label="arl_NashvilleMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NashvilleMember" xlink:to="arl_NashvilleMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NashvilleMember_doc" xml:lang="en-US">The member refer to name of real estate.</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_NonconvertibleDebentures1Member" xlink:to="arl_NonconvertibleDebentures1Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NonconvertibleDebentures1Member_doc" xml:lang="en-US">Information about the nonconvertible bebentures.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NonconvertibleDebentures2Member" xlink:to="arl_NonconvertibleDebentures2Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NonconvertibleDebentures2Member_doc" xml:lang="en-US">Information about the nonconvertible bebentures.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NonconvertibleDebenturesMember" xlink:to="arl_NonconvertibleDebenturesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NonconvertibleDebenturesMember_doc" xml:lang="en-US">Debenture name.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_NoteReceivableMember" xlink:label="arl_NoteReceivableMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NoteReceivableMember" xlink:to="arl_NoteReceivableMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NoteReceivableMember_doc" xml:lang="en-US">Information by note receivable.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_NotesPayableMember" xlink:label="arl_NotesPayableMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableMember" xlink:to="arl_NotesPayableMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NotesPayableMember_doc" xml:lang="en-US">This member stands for notes payable of the entity.</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_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_NotesPayableOtherPayables8Member" xlink:to="arl_NotesPayableOtherPayables8Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NotesPayableOtherPayables8Member_doc" xml:lang="en-US">A written promise to pay a note to a third party.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesReceivablePurchasedRelatedParty" xlink:to="arl_NotesReceivablePurchasedRelatedParty_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NotesReceivablePurchasedRelatedParty_doc" xml:lang="en-US">The amount of notes receivable purchased from related parties.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NumberOfFranchise" xlink:to="arl_NumberOfFranchise_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NumberOfFranchise_doc" xml:lang="en-US">Information about the number of franchise.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NumberOfGrill" xlink:to="arl_NumberOfGrill_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NumberOfGrill_doc" xml:lang="en-US">Information about the number of grill.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NumberOfPizzaParlor" xlink:to="arl_NumberOfPizzaParlor_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NumberOfPizzaParlor_doc" xml:lang="en-US">Information about the number of pizza parlor.</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:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_OneRealcoCorporationMember" xlink:label="arl_OneRealcoCorporationMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_OneRealcoCorporationMember" xlink:to="arl_OneRealcoCorporationMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_OneRealcoCorporationMember_doc" xml:lang="en-US">The member represent One realco corporation.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_OtherAssetsAndReceivables" xlink:to="arl_OtherAssetsAndReceivables_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_OtherAssetsAndReceivables_doc" xml:lang="en-US">Amount of assets and receivables classified as other.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_OtherMember" xlink:to="arl_OtherMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_OtherMember_doc" xml:lang="en-US">It represents other.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.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_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_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_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">Information by type of receivable.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_ParcAtInglesideMember" xlink:label="arl_ParcAtInglesideMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_ParcAtInglesideMember" xlink:to="arl_ParcAtInglesideMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_ParcAtInglesideMember_doc" xml:lang="en-US">The member represent parc at ingleside.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_ParcatWindmillFarmsMember" xlink:to="arl_ParcatWindmillFarmsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_ParcatWindmillFarmsMember_doc" xml:lang="en-US">The description of a mortgage loan or group of similar mortgage loans, which may include number of loans by original loan amounts and type of loan (for example, VA, FHA, Conventional).</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_PaymentsForBonds" xlink:to="arl_PaymentsForBonds_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_PaymentsForBonds_doc" xml:lang="en-US">Payments for bonds.</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_PiazzaDelPaneIncMember" xlink:to="arl_PiazzaDelPaneIncMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_PiazzaDelPaneIncMember_doc" xml:lang="en-US">Piazza del Pane, Inc.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_PlumTreeMember" xlink:to="arl_PlumTreeMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_PlumTreeMember_doc" xml:lang="en-US">The member represent plum tree.</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_ProfitParticipationRightsPercentage" xlink:to="arl_ProfitParticipationRightsPercentage_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_ProfitParticipationRightsPercentage_doc" xml:lang="en-US">The percentage of profit participation rights.</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_ProspectusEndeavorsFourLLCMember" xlink:to="arl_ProspectusEndeavorsFourLLCMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_ProspectusEndeavorsFourLLCMember_doc" xml:lang="en-US">Represent information about the prospectus endeavors four llc.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_ProspectusEndeavorsSixLLCMember" xlink:to="arl_ProspectusEndeavorsSixLLCMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_ProspectusEndeavorsSixLLCMember_doc" xml:lang="en-US">Represent information about the prospectus endeavors six llc.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RAIPFBL2018PurchFeeNoteWeatherfordMember" xlink:to="arl_RAIPFBL2018PurchFeeNoteWeatherfordMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_RAIPFBL2018PurchFeeNoteWeatherfordMember_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_RNCRevolvingLineOfCreditMember" xlink:to="arl_RNCRevolvingLineOfCreditMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_RNCRevolvingLineOfCreditMember_doc" xml:lang="en-US">The mewmber represent rnc revolving line of credit.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RealEstateCostOfSales" xlink:to="arl_RealEstateCostOfSales_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_RealEstateCostOfSales_doc" xml:lang="en-US">The cost of sales of real estate.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_RealEstateHeldForSaleMember" xlink:label="arl_RealEstateHeldForSaleMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RealEstateHeldForSaleMember" xlink:to="arl_RealEstateHeldForSaleMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_RealEstateHeldForSaleMember_doc" xml:lang="en-US">Information by real estate held for sale.</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_RealEstateSubjectToSalesContractsAtCost" xlink:to="arl_RealEstateSubjectToSalesContractsAtCost_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_RealEstateSubjectToSalesContractsAtCost_doc" xml:lang="en-US">Carrying amount as of the balance sheet date of real estate subject to sales contracts at cost.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.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_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">The member represent realty advisors management inc.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RecurringPaymentOfPrincipalOnNotesPayable" xlink:to="arl_RecurringPaymentOfPrincipalOnNotesPayable_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_RecurringPaymentOfPrincipalOnNotesPayable_doc" xml:lang="en-US">The amount of recurring payament of principal on note payable.</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">It represents related party.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_RiversideCaliforniaMember" xlink:label="arl_RiversideCaliforniaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RiversideCaliforniaMember" xlink:to="arl_RiversideCaliforniaMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_RiversideCaliforniaMember_doc" xml:lang="en-US">Information by riverside california.</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_SegmentOperatingIncome" xlink:to="arl_SegmentOperatingIncome_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_SegmentOperatingIncome_doc" xml:lang="en-US">The amount of segment operating income.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_SeriesABCBondsMember" xlink:to="arl_SeriesABCBondsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_SeriesABCBondsMember_doc" xml:lang="en-US">The member stand by series ABC bonds.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_SeriesABondsMember" xlink:to="arl_SeriesABondsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_SeriesABondsMember_doc" xml:lang="en-US">The member represent series a bonds.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_SeriesBBondsMember" xlink:label="arl_SeriesBBondsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_SeriesBBondsMember" xlink:to="arl_SeriesBBondsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_SeriesBBondsMember_doc" xml:lang="en-US">The member represent series b bonds.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_SeriesCBondsMember" xlink:label="arl_SeriesCBondsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_SeriesCBondsMember" xlink:to="arl_SeriesCBondsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_SeriesCBondsMember_doc" xml:lang="en-US">Series C Bonds.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_SienaCorpMember" xlink:to="arl_SienaCorpMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_SienaCorpMember_doc" xml:lang="en-US">Siena Corp.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_SpyglassApartmentsOfEnnisMember" xlink:label="arl_SpyglassApartmentsOfEnnisMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_SpyglassApartmentsOfEnnisMember" xlink:to="arl_SpyglassApartmentsOfEnnisMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_SpyglassApartmentsOfEnnisMember_doc" xml:lang="en-US">Spyglass Apartments of Ennis [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_SpyglassApartmentsofEnnisLPMember" xlink:to="arl_SpyglassApartmentsofEnnisLPMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_SpyglassApartmentsofEnnisLPMember_doc" xml:lang="en-US">Represents information related to spyglass apartments of ennis LP.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_SteepleCrestMember" xlink:to="arl_SteepleCrestMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_SteepleCrestMember_doc" xml:lang="en-US">The member represent steeple crest.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_SummersetIntermediateHoldings2LLCMember" xlink:to="arl_SummersetIntermediateHoldings2LLCMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_SummersetIntermediateHoldings2LLCMember_doc" xml:lang="en-US">Represents Summer Intermediate Holdings LLC Member.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_TotalOustandingBondsNetAndAccruredInterest" xlink:to="arl_TotalOustandingBondsNetAndAccruredInterest_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_TotalOustandingBondsNetAndAccruredInterest_doc" xml:lang="en-US">Total oustanding bonds, net and accrured interest.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_TotalOutstandingBondsNet" xlink:to="arl_TotalOutstandingBondsNet_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_TotalOutstandingBondsNet_doc" xml:lang="en-US">It represents bonds.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_TranscontinentalRealtyInvestorsMember" xlink:to="arl_TranscontinentalRealtyInvestorsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_TranscontinentalRealtyInvestorsMember_doc" xml:lang="en-US">Transcontinental Realty Investors, Inc. (&amp;amp;#8220;TCI&amp;amp;#8221;).</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_UnifiedHousingFoundationInc10Member" xlink:to="arl_UnifiedHousingFoundationInc10Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationInc10Member_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_UnifiedHousingFoundationInc11Member" xlink:to="arl_UnifiedHousingFoundationInc11Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationInc11Member_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_UnifiedHousingFoundationInc12Member" xlink:to="arl_UnifiedHousingFoundationInc12Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationInc12Member_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_UnifiedHousingFoundationInc13Member" xlink:to="arl_UnifiedHousingFoundationInc13Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationInc13Member_doc" xml:lang="en-US">Information by type of receivable.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.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_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">Information by type of receivable.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.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_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">Information by type of receivable.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.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_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. (3) [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:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationInc56Member" xlink:label="arl_UnifiedHousingFoundationInc56Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc56Member" xlink:to="arl_UnifiedHousingFoundationInc56Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationInc56Member_doc" xml:lang="en-US">Information by unified housing foundation inc.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationInc57Member" xlink:label="arl_UnifiedHousingFoundationInc57Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc57Member" xlink:to="arl_UnifiedHousingFoundationInc57Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationInc57Member_doc" xml:lang="en-US">The member represent unifies housing foundation inc.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationInc58Member" xlink:label="arl_UnifiedHousingFoundationInc58Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc58Member" xlink:to="arl_UnifiedHousingFoundationInc58Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationInc58Member_doc" xml:lang="en-US">The member represent unifies housing foundation inc.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationInc59Member" xlink:label="arl_UnifiedHousingFoundationInc59Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc59Member" xlink:to="arl_UnifiedHousingFoundationInc59Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationInc59Member_doc" xml:lang="en-US">The member represent unifies housing foundation inc.</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">Represents information related to unified housing foundation Inc.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationInc60Member" xlink:label="arl_UnifiedHousingFoundationInc60Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc60Member" xlink:to="arl_UnifiedHousingFoundationInc60Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationInc60Member_doc" xml:lang="en-US">The member represent unifies housing foundation inc.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationInc62Member" xlink:label="arl_UnifiedHousingFoundationInc62Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc62Member" xlink:to="arl_UnifiedHousingFoundationInc62Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationInc62Member_doc" xml:lang="en-US">The member represent unifies housing foundation inc.</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">The member refer to receivable entity.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc7Member" xlink:to="arl_UnifiedHousingFoundationInc7Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationInc7Member_doc" xml:lang="en-US">The member refer to receivable entity.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc8Member" xlink:to="arl_UnifiedHousingFoundationInc8Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationInc8Member_doc" xml:lang="en-US">The member refer to receivable entity.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc9Member" xlink:to="arl_UnifiedHousingFoundationInc9Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationInc9Member_doc" xml:lang="en-US">Information by type of receivable.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationIncBellaVistaMember" xlink:label="arl_UnifiedHousingFoundationIncBellaVistaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncBellaVistaMember" xlink:to="arl_UnifiedHousingFoundationIncBellaVistaMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncBellaVistaMember_doc" xml:lang="en-US">Information by unified founding inc bella vista.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.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_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:loc xlink:type="locator" xlink:href="arl-20200331.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_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">The member represent unifies housing foundation inc inwood on the park.</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">Information by type of receivable.</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">Information by type of receivable.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationIncLakeshoreVillas2Member" xlink:label="arl_UnifiedHousingFoundationIncLakeshoreVillas2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncLakeshoreVillas2Member" xlink:to="arl_UnifiedHousingFoundationIncLakeshoreVillas2Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncLakeshoreVillas2Member_doc" xml:lang="en-US">The member represent unifies housing foundation inc lakeshore villas.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationIncLakeshoreVillas3Member" xlink:label="arl_UnifiedHousingFoundationIncLakeshoreVillas3Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncLakeshoreVillas3Member" xlink:to="arl_UnifiedHousingFoundationIncLakeshoreVillas3Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncLakeshoreVillas3Member_doc" xml:lang="en-US">Unified housing foundation inc lakeshore viillas (3).</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">Information by type of receivable.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncLimestoneRanc42Member" xlink:to="arl_UnifiedHousingFoundationIncLimestoneRanc42Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncLimestoneRanc42Member_doc" xml:lang="en-US">The member refer to receivable entity.</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">Information by type of receivable.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncLimestoneRanch2Member" xlink:to="arl_UnifiedHousingFoundationIncLimestoneRanch2Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncLimestoneRanch2Member_doc" xml:lang="en-US">Information by type of receivable.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationIncLimestoneRanch3Member" xlink:label="arl_UnifiedHousingFoundationIncLimestoneRanch3Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncLimestoneRanch3Member" xlink:to="arl_UnifiedHousingFoundationIncLimestoneRanch3Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncLimestoneRanch3Member_doc" xml:lang="en-US">Information by foundation inc limestone ranch.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationIncLimestoneRanch4Member" xlink:label="arl_UnifiedHousingFoundationIncLimestoneRanch4Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncLimestoneRanch4Member" xlink:to="arl_UnifiedHousingFoundationIncLimestoneRanch4Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncLimestoneRanch4Member_doc" xml:lang="en-US">Unified housing foundation inc lakeshore viillas (4).</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationIncMarquisAtVistaRidgeMember" xlink:label="arl_UnifiedHousingFoundationIncMarquisAtVistaRidgeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncMarquisAtVistaRidgeMember" xlink:to="arl_UnifiedHousingFoundationIncMarquisAtVistaRidgeMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncMarquisAtVistaRidgeMember_doc" xml:lang="en-US">Information by unified housing foundating inc marguis at vista ridge.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI2Member" xlink:to="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI2Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI2Member_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_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI3Member" xlink:to="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI3Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI3Member_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_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI5Member" xlink:to="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI5Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI5Member_doc" xml:lang="en-US">The member refer to receivable entity.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI6Member" xlink:to="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI6Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI6Member_doc" xml:lang="en-US">The member refer to receivable entity.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI7Member" xlink:to="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI7Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI7Member_doc" xml:lang="en-US">The member refer to receivable entity.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI8Member" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI8Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI8Member" xlink:to="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI8Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI8Member_doc" xml:lang="en-US">The member refer to receivable entity.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI9Member" xlink:to="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI9Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI9Member_doc" xml:lang="en-US">The member refer to receivable entity.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIIMember" xlink:to="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIIMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIIMember_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_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">Information by type of receivable.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.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_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">Information by unified housing founding inc timbers at the park.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.xsd#arl_UnifiedHousingFoundationIncTimbersofTerrellMember" xlink:label="arl_UnifiedHousingFoundationIncTimbersofTerrellMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncTimbersofTerrellMember" xlink:to="arl_UnifiedHousingFoundationIncTimbersofTerrellMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncTimbersofTerrellMember_doc" xml:lang="en-US">Information by type of receivable.</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20200331.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_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">Information by type of receivable.</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">Information by type of receivable.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_VictoryAbodeApartmentsLLCMember" xlink:to="arl_VictoryAbodeApartmentsLLCMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_VictoryAbodeApartmentsLLCMember_doc" xml:lang="en-US">Represents victory abode apartment LLC Member.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_VotingInterestInJointVenture" xlink:to="arl_VotingInterestInJointVenture_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_VotingInterestInJointVenture_doc" xml:lang="en-US">Voting interest in joint venture.</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">Related Party [Member] [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_LandSegmentsAdjustedMember" xlink:to="arl_LandSegmentsAdjustedMember_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_LandSegmentsAdjustedMember_3_lbl" xml:lang="en-US">LandSegmentsAdjustedMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncLimestoneRanch2Member" xlink:to="arl_UnifiedHousingFoundationIncLimestoneRanch2Member_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncLimestoneRanch2Member_3_lbl" xml:lang="en-US">DisposalGroupIncludingDiscontinuedOperationLitigationSettlementExpense</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember" xlink:to="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember_3_lbl" xml:lang="en-US">Description of maturity date [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI2Member" xlink:to="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI2Member_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI2Member_3_lbl" xml:lang="en-US">RecurringPaymentOfPrincipalOnNotesPayable</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI3Member" xlink:to="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI3Member_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI3Member_3_lbl" xml:lang="en-US">Bonds And Bonds Interest Payable</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc5Member" xlink:to="arl_UnifiedHousingFoundationInc5Member_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationInc5Member_3_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="arl_UnifiedHousingFoundationInc6Member" xlink:to="arl_UnifiedHousingFoundationInc6Member_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationInc6Member_3_lbl" xml:lang="en-US">Investee's ownership percentage</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncLimestoneRanc42Member" xlink:to="arl_UnifiedHousingFoundationIncLimestoneRanc42Member_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncLimestoneRanc42Member_3_lbl" xml:lang="en-US">Shares held by subsidiaries (in shares)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI5Member" xlink:to="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI5Member_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI5Member_3_lbl" xml:lang="en-US">BONDS AND BONDS INTEREST PAYABLE [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc7Member" xlink:to="arl_UnifiedHousingFoundationInc7Member_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationInc7Member_3_lbl" xml:lang="en-US">Consolidated Balance Sheets [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc8Member" xlink:to="arl_UnifiedHousingFoundationInc8Member_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationInc8Member_3_lbl" xml:lang="en-US">Shares held by subsidiaries (in shares) [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NonconvertibleDebentures2Member" xlink:to="arl_NonconvertibleDebentures2Member_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NonconvertibleDebentures2Member_3_lbl" xml:lang="en-US">Payment for construction or predevelopment of various apartment complexes [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc9Member" xlink:to="arl_UnifiedHousingFoundationInc9Member_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationInc9Member_3_lbl" xml:lang="en-US">UnifiedHousingFoundationInc9Member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc10Member" xlink:to="arl_UnifiedHousingFoundationInc10Member_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationInc10Member_3_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. (Echo Station) [Member] [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc11Member" xlink:to="arl_UnifiedHousingFoundationInc11Member_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationInc11Member_3_lbl" xml:lang="en-US">Percentage on mortgage notes receivable</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc12Member" xlink:to="arl_UnifiedHousingFoundationInc12Member_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationInc12Member_3_lbl" xml:lang="en-US">UnifiedHousingFoundationInc12Member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc13Member" xlink:to="arl_UnifiedHousingFoundationInc13Member_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationInc13Member_3_lbl" xml:lang="en-US">Commercial [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_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquity_4_lbl" xml:lang="en-US">Stockholders' Equity Attributable to Parent</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_CostsAndExpenses" xlink:to="us-gaap_CostsAndExpenses_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostsAndExpenses_2_lbl" xml:lang="en-US">Costs and Expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingIncomeExpense" xlink:to="us-gaap_NonoperatingIncomeExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonoperatingIncomeExpense_2_lbl" xml:lang="en-US">Nonoperating Income (Expense)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_2_lbl" xml:lang="en-US">Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:to="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic_2_lbl" xml:lang="en-US">Income (Loss) from Continuing Operations before Income Taxes, Domestic</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExpenseBenefit" xlink:to="us-gaap_IncomeTaxExpenseBenefit_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxExpenseBenefit_2_lbl" xml:lang="en-US">Income Tax Expense (Benefit)</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">Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:to="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_2_lbl" xml:lang="en-US">Net Income (Loss) Attributable to Noncontrolling Interest</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" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_2_lbl" xml:lang="en-US">Net Income (Loss) Available to Common Stockholders, Basic</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:to="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare_2_lbl" xml:lang="en-US">Income (Loss) from Continuing Operations, Per Diluted Share</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareDiluted" xlink:to="us-gaap_EarningsPerShareDiluted_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareDiluted_2_lbl" xml:lang="en-US">Earnings Per Share, Diluted</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharesOutstanding_3_lbl" xml:lang="en-US">Shares, Outstanding</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AdjustmentToAdditionalPaidInCapitalDistributionToEquityPartner" xlink:to="arl_AdjustmentToAdditionalPaidInCapitalDistributionToEquityPartner_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_AdjustmentToAdditionalPaidInCapitalDistributionToEquityPartner_3_lbl" xml:lang="en-US">Distribution to equity partner</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomeNetOfTax" xlink:to="us-gaap_ComprehensiveIncomeNetOfTax_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax_2_lbl" xml:lang="en-US">Comprehensive Income (Loss), Net of Tax, Attributable to Parent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:to="us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_2_lbl" xml:lang="en-US">Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" xlink:to="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_2_lbl" xml:lang="en-US">Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForLoanAndLeaseLossRecoveryOfBadDebts" xlink:to="us-gaap_AllowanceForLoanAndLeaseLossRecoveryOfBadDebts_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AllowanceForLoanAndLeaseLossRecoveryOfBadDebts_2_lbl" xml:lang="en-US">Allowance for Loan and Lease Loss, Recovery of Bad Debts</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationDepletionAndAmortization" xlink:to="us-gaap_DepreciationDepletionAndAmortization_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationDepletionAndAmortization_2_lbl" xml:lang="en-US">Depreciation, Depletion and Amortization</link:label>
      <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_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_IncreaseDecreaseInAccountsReceivableRelatedParties" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties_2_lbl" xml:lang="en-US">Increase (Decrease) in Accounts Receivable, Related Parties</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_2_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities</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_PaymentsForConstructionInProcess" xlink:to="us-gaap_PaymentsForConstructionInProcess_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsForConstructionInProcess_2_lbl" xml:lang="en-US">Payments for Construction in Process</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_2_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_PaymentsForBonds" xlink:to="arl_PaymentsForBonds_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_PaymentsForBonds_3_lbl" xml:lang="en-US">PaymentsForBonds</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RecurringPaymentOfPrincipalOnNotesPayable" xlink:to="arl_RecurringPaymentOfPrincipalOnNotesPayable_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_RecurringPaymentOfPrincipalOnNotesPayable_3_lbl" xml:lang="en-US">RecurringPaymentOfPrincipalOnNotesPayable [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDistributionsToAffiliates" xlink:to="us-gaap_PaymentsOfDistributionsToAffiliates_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfDistributionsToAffiliates_2_lbl" xml:lang="en-US">Payments of Distributions to Affiliates</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_2_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:to="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_2_lbl" xml:lang="en-US">Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtLongtermAndShorttermCombinedAmount" xlink:to="us-gaap_DebtLongtermAndShorttermCombinedAmount_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtLongtermAndShorttermCombinedAmount_2_lbl" xml:lang="en-US">Debt, Long-term and Short-term, Combined 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_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>
      <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="arl_EquityMethodInvestmentTotalOtherExpense" xlink:to="arl_EquityMethodInvestmentTotalOtherExpense_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_EquityMethodInvestmentTotalOtherExpense_3_lbl" xml:lang="en-US">Other non-segment items of income (expense) [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquityMethodInterestExpenseOnMezzanineLoan" xlink:to="arl_EquityMethodInterestExpenseOnMezzanineLoan_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_EquityMethodInterestExpenseOnMezzanineLoan_3_lbl" xml:lang="en-US">Related Party [Member] [Default Label] [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquitymethodLeaseIntangiblesAmortizationExpense" xlink:to="arl_EquitymethodLeaseIntangiblesAmortizationExpense_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_EquitymethodLeaseIntangiblesAmortizationExpense_3_lbl" xml:lang="en-US">Nonconvertible Series B Bonds [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquityMethodDepreciationBasisDifferences" xlink:to="arl_EquityMethodDepreciationBasisDifferences_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_EquityMethodDepreciationBasisDifferences_3_lbl" xml:lang="en-US">Commercial Properties [Member] [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquityMethodAdjustedNetIncome" xlink:to="arl_EquityMethodAdjustedNetIncome_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_EquityMethodAdjustedNetIncome_3_lbl" xml:lang="en-US">EquityMethodAdjustedNetIncome</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInvestmentPropertyAtCost" xlink:to="us-gaap_RealEstateInvestmentPropertyAtCost_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateInvestmentPropertyAtCost_2_lbl" xml:lang="en-US">Real Estate Investment Property, at Cost</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateAccumulatedDepreciation" xlink:to="us-gaap_RealEstateAccumulatedDepreciation_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateAccumulatedDepreciation_2_lbl" xml:lang="en-US">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInvestments" xlink:to="us-gaap_RealEstateInvestments_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateInvestments_2_lbl" xml:lang="en-US">Real Estate Investments, Net</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleOfLandHeldforinvestment" xlink:to="us-gaap_ProceedsFromSaleOfLandHeldforinvestment_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSaleOfLandHeldforinvestment_2_lbl" xml:lang="en-US">Proceeds from Sale of Land Held-for-investment</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/label" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_2_lbl" xml:lang="en-US">Cash and Cash Equivalents, at Carrying Value</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionRate" xlink:to="us-gaap_RelatedPartyTransactionRate_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionRate_2_lbl" xml:lang="en-US">Related Party Transaction, Rate</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredFinanceCostsNet" xlink:to="us-gaap_DeferredFinanceCostsNet_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredFinanceCostsNet_3_lbl" xml:lang="en-US">Debt Issuance Costs, Net</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentCarryingAmount" xlink:to="us-gaap_DebtInstrumentCarryingAmount_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentCarryingAmount_2_lbl" xml:lang="en-US">Long-term Debt, Gross</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/label" xlink:label="us-gaap_LongTermDebt_2_lbl" xml:lang="en-US">Long-term Debt</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:to="us-gaap_DebtInstrumentInterestRateStatedPercentage_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage_2_lbl" xml:lang="en-US">Debt Instrument, Interest Rate, Stated Percentage</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_TotalOutstandingBondsNet" xlink:to="arl_TotalOutstandingBondsNet_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_TotalOutstandingBondsNet_3_lbl" xml:lang="en-US">DisposalGroupIncludingDiscontinuedOperationOperatingIncomeExpenseAbstract</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_TotalOustandingBondsNetAndAccruredInterest" xlink:to="arl_TotalOustandingBondsNetAndAccruredInterest_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_TotalOustandingBondsNetAndAccruredInterest_3_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_RelatedPartyTransactionDueFromToRelatedParty" xlink:to="us-gaap_RelatedPartyTransactionDueFromToRelatedParty_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionDueFromToRelatedParty_3_lbl" xml:lang="en-US">Related Party Transaction, Due from (to) Related Party</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DueFromRelatedCostReimbursements" xlink:to="arl_DueFromRelatedCostReimbursements_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_DueFromRelatedCostReimbursements_3_lbl" xml:lang="en-US">DueFromRelatedCostReimbursements</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForMortgageDeposits" xlink:to="us-gaap_PaymentsForMortgageDeposits_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsForMortgageDeposits_2_lbl" xml:lang="en-US">Payments for Mortgage Deposits</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_InterestIncomeOther" xlink:to="us-gaap_InterestIncomeOther_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestIncomeOther_2_lbl" xml:lang="en-US">Interest Income, Other</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RealEstateCostOfSales" xlink:to="arl_RealEstateCostOfSales_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_RealEstateCostOfSales_3_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_OtherAssetsAndReceivables" xlink:to="arl_OtherAssetsAndReceivables_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_OtherAssetsAndReceivables_3_lbl" xml:lang="en-US">Area of land sold [Default Label]</link:label>
    </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>10
<FILENAME>arl-20200331_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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    <!-- Field: Doc-Info; Name: VendorURI; Value: http://www.novaworks.co -->
    <!-- Field: Doc-Info; Name: Source; Value: P:\Clients\AMERICAN REALTY INVESTORS INC\XBRL\20200331\ari_033120.xfr; Date: 2020%2D05%2D15T16:40:48Z -->
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<TYPE>XML
<SEQUENCE>11
<FILENAME>R15.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6797917056">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>NOTES AND INTEREST PAYABLE<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2020</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 AND INTEREST PAYABLE</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 7. NOTES AND INTEREST 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 March
31, 2020 and December 31, 2019 (dollars in thousands):</p>

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

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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
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    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">849</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160; 260,969</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the three months ended March 31, 2020, the Company drew
down $4.3 million in construction loans to fund the development of various apartment projects. In addition, TCI through one of
its subsidiaries issued a note payable of $3.4 million to purchase land for development in Kent, Ohio. The note has an interest
rate of 10% and a maturity date of November 13, 2024.</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://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -URI http://asc.fasb.org/topic&amp;trid=2208564<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6636823440">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>REAL ESTATE ACTIVITY<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateAbstract', window );"><strong>Real Estate [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateDisclosureTextBlock', window );">REAL ESTATE ACTIVITY</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 3. 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 March 31, 2020 and December 31, 2019 (dollars in thousands):&#160;</p>

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

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 80%; margin-left: 5.4pt; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
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    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>March 31,</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>December 31,</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"><b>&#160;</b></td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2020</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2019</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
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    <td style="width: 12%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 157,753</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 12%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 156,173</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">33,166</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">22,363</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
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    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Commercial properties</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">230,133</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">229,424</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
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    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Land held for development</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">61,782</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">62,037</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
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    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Real estate subject to sales contract</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">6,887</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">7,966</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
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    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Total real estate, at cost, less impairment</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 489,721</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 477,963</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(93,144</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a description of our significant
real estate and financing transactions for the three months ended March 31, 2020:</p>

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

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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; vertical-align: top">
    <td style="line-height: normal; width: 18pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0px">&#160;</p>

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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0px">&#160;</p>

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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0px">&#160;</p>

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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; vertical-align: top">
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    <td style="text-indent: 0px; font-size-adjust: none; font-stretch: normal; text-align: justify">Paid $11.6 million in Series A bond principal and $7.3 million interests payments in Series A, B and C bonds.</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0px">&#160;</p>

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal">
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company continues to invest in the
development of apartment projects. During the three months ended March 31, 2020, we have invested $5.4 million related to the
construction or predevelopment of various apartment complexes out of which $0.3 million represents capitalized interest costs.</p><span></span>
</td>
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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>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6643265008">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OPERATING SEGMENTS<br></strong></div></th>
<th class="th" colspan="1">3 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_SegmentReportingDisclosureTextBlock', window );">OPERATING SEGMENTS</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 11. OPERATING SEGMENTS</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">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="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">Items of income that are not reflected
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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
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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 segment labeled as &#8220;Other&#8221;
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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">Presented below is our reportable segments&#8217;
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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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    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
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    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2</td>
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    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(4,109</td>
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(1,930</td>
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(99</td>
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(172</td>
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(9,602</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">5,754</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">5,754</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">4,138</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">4,138</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 58</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3,758</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (1,194</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,504</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 709</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7,033</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,000</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">9,742</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Real estate assets</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160; 148,424</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160; 179,484</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 68,669</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">396,577</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"><b>Property Sales</b></td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5,712</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5,712</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Cost of sale</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(1,574</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(1,574</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Gain on sale</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4,138</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4,138</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>&#160;</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>&#160;</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>&#160;</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="width: 30%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Rental and other property revenues</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 8,227</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3,700</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 11,929</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Property operating expenses</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(3,936</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(2,058</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">43</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(46</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(5,997</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Depreciation</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(2,375</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(734</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(3,109</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Mortgage and loan interest</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(1,967</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(934</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(329</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(6,738</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(9,968</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Interest income</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">6,153</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">6,153</td>
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">2,216</td>
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">2,216</td>
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
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    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,224</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">3,690</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">5,167</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">8,857</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Real estate assets</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">154,791</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">150,841</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">80,845</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">386,477</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"><b>Property Sales</b></td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 8,715</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 8,715</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Cost of sale</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(6,499</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(6,499</td>
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,216</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,216</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below reflects the reconciliation
of segment information to the corresponding amounts in the Consolidated Statements of Operations for the three months ended March
31, 2020 and 2019 (dollars in thousands):</p>

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

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 70%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; vertical-align: bottom">
    <td style="font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td colspan="6" style="white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>For the Three Months Ended</b></td>
    <td style="font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; vertical-align: bottom">
    <td style="font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td colspan="6" style="border-bottom: black 1pt solid; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>March 31, </b></td>
    <td style="font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2020</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2019</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="width: 67%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Segment operating income</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,504</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,224</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Other non-segment items of income (expense)</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="padding-left: 0.25in; text-indent: -0.25in; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">General and administrative</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(2,795</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(2,480</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="padding-left: 0.25in; text-indent: -0.25in; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Franchise taxes and other expenses</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(1,496</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(125</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="padding-left: 0.25in; text-indent: -0.25in; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Net income fee to related party</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(86</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(100</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="padding-left: 0.25in; text-indent: -0.25in; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Advisory fee to related party</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(2,287</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(1,853</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="padding-left: 0.25in; text-indent: -0.25in; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Other income</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">1,212</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">3,667</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="padding-left: 0.25in; text-indent: -0.25in; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Foreign Currency Transaction gain (loss)</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">7,843</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(5,818</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="padding-left: 0.25in; text-indent: -0.25in; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Loss from joint venture</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(376</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(1,055</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="padding-left: 0.25in; text-indent: -0.25in; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Earnings from unconsolidated investees</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">116</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">58</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Net income (loss) from continuing operations</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4,635</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (6,482</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below reflects a reconciliation
of the segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands):</p>

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

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 70%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; vertical-align: bottom">
    <td style="white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td colspan="6" style="border-bottom: black 1pt solid; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>As of March 31,</b></td>
    <td style="font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2020</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2019</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="width: 67%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Segment assets</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160; 396,577</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160; 386,477</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Investments in unconsolidated investees</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">62,131</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">75,634</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Notes and interest receivable</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">158,361</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">124,462</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Other assets</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">198,002</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">228,240</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Total assets</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160; 815,071</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160; 814,813</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
</table><span></span>
</td>
</tr>
</table>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6653426672">
<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">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2020</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>
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<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Presented below is our reportable segments&#8217;
operating income for the three months ended March 31, 2020 and 2019, including segment assets and expenditures (dollars in thousands):</p>

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

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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
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    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7,884</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4,032</td>
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    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2</td>
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    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 11,918</td>
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
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    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(1,930</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(99</td>
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(1,172</td>
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(9,602</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">5,754</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">5,754</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">4,138</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">4,138</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
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    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 58</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3,758</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (1,194</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,504</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 709</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7,033</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,000</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">9,742</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Real estate assets</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160; 148,424</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160; 179,484</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 68,669</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">396,577</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"><b>Property Sales</b></td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Sales price</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5,712</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5,712</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Cost of sale</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(1,574</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(1,574</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4,138</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4,138</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>&#160;</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>&#160;</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>&#160;</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="width: 30%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Rental and other property revenues</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 8,227</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3,700</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 11,929</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Property operating expenses</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(3,936</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(2,058</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">43</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(46</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(5,997</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Depreciation</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(2,375</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(734</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(3,109</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Mortgage and loan interest</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(1,967</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(934</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(329</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(6,738</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(9,968</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Interest income</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">6,153</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">6,153</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Gain on land sales</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">2,216</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">2,216</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Segment operating (loss) income</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (51</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (26</td>
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,930</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (629</td>
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,224</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">3,690</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">5,167</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">8,857</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">154,791</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">150,841</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">80,845</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">386,477</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Sales price</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 8,715</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 8,715</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Cost of sale</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(6,499</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(6,499</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Gain on sale</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,216</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,216</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<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 reconciliaton 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-align: justify">The table below reflects the reconciliation
of segment information to the corresponding amounts in the Consolidated Statements of Operations for the three months ended March
31, 2020 and 2019 (dollars in thousands):</p>

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

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 70%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; vertical-align: bottom">
    <td style="font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; vertical-align: bottom">
    <td style="font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td colspan="6" style="border-bottom: black 1pt solid; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>March 31, </b></td>
    <td style="font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"><b>&#160;</b></td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2019</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="width: 67%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Segment operating income</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,504</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">1,212</td>
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(5,818</td>
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(376</td>
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">116</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
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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 reconciliaton segment information to consolidated balance sheets</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below reflects a reconciliation
of the segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands):</p>

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

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 70%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; vertical-align: bottom">
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
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    <td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160; 396,577</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160; 386,477</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">62,131</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">75,634</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Notes and interest receivable</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">158,361</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">124,462</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">198,002</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">228,240</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Total assets</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160; 815,071</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160; 814,813</td></tr>
</table><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues.</p></div>
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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://fasb.org/us-gaap/role/ref/legacyRef<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=120311839&amp;loc=d3e8736-108599<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=120311839&amp;loc=d3e8813-108599<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=121556970&amp;loc=d3e13816-109267<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<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=120311839&amp;loc=d3e8906-108599<br></p></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 );">- 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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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6824071408">
<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="2">3 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Mar. 31, 2020 </div>
<div>USD ($) </div>
<div>a</div>
</th>
<th class="th">
<div>Mar. 31, 2019 </div>
<div>USD ($)</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_GainLossOnLandSales', window );">Gain on sale of land</a></td>
<td class="nump">$ 4,138<span></span>
</td>
<td class="nump">$ 2,216<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_PaymentsToConstructionAndDevelopRealEstateAssets', window );">Payment for construction or predevelopment of various apartment complexes</a></td>
<td class="nump">5,400<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_RealEstateInventoryCapitalizedInterestCosts', window );">Capitalized interest costs</a></td>
<td class="nump">300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireLand', window );">Payments to acquire land</a></td>
<td class="nump">2,000<span></span>
</td>
<td class="nump">2,479<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_PaymentsToAcquireNotesReceivable', window );">Purchase of notes receivable</a></td>
<td class="nump">768<span></span>
</td>
<td class="nump">$ 385<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_SeriesABondsMember', window );">Series A Bonds [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_RepaymentsOfLongTermDebt', window );">Payment of bond principal</a></td>
<td class="nump">11,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=arl_SeriesABCBondsMember', window );">Series A, B and C Bonds [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_DebtInstrumentFaceAmount', window );">Debt instrument principal amount</a></td>
<td class="nump">16,000<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_InterestPaid', window );">Payment of interest</a></td>
<td class="nump">7,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=arl_SeriesABCBondsMember', window );">Series A, B and C Bonds [Member] | Israel, New Shekels [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_DebtInstrumentFaceAmount', window );">Debt instrument principal amount</a></td>
<td class="nump">$ 59,800<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=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_DebtInstrumentMaturityDate', window );">Maturity date</a></td>
<td class="text">Mar. 31,  2023<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_PaymentsToAcquireNotesReceivable', window );">Purchase of notes receivable</a></td>
<td class="nump">$ 7,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=arl_RelatedPartyMember', window );">Related Party [Member] | Notes Receivable [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_DebtInstrumentMaturityDate', window );">Maturity date</a></td>
<td class="text">Mar. 31,  2023<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<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 );">Purchase of notes receivable</a></td>
<td class="nump">$ 7,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_StatementGeographicalAxis=arl_FarmersBranchTexasMember', window );">Farmers Branch, Texas [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_AreaOfLandSold', window );">Area of land sold | a</a></td>
<td class="nump">18.7<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_ProceedsFromSaleOfLandHeldforinvestment', window );">Proceeds from sale of land</a></td>
<td class="nump">$ 5,700<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_GainLossOnLandSales', window );">Gain on sale of land</a></td>
<td class="nump">$ 4,100<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_srt_StatementGeographicalAxis=arl_KentOHMember', window );">Kent, OH [Member] | EQK Portage, 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_BusinessAcquisitionPercentageOfVotingInterestsAcquired', window );">Percentage of interest acquired</a></td>
<td class="nump">100.00%<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_AreaOfLandPurchased', window );">Area of land purchased | a</a></td>
<td class="nump">49.2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireRealEstateHeldForInvestment', window );">Purchase price of properties</a></td>
<td class="nump">$ 5,400<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_PaymentsToAcquireLand', window );">Payments to acquire land</a></td>
<td class="nump">2,000<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_DebtInstrumentFaceAmount', window );">Debt instrument principal amount</a></td>
<td class="nump">$ 3,400<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_TimesharingTransactionsStatedInterestRateForNotesReceivable', window );">Interest rate</a></td>
<td class="nump">10.00%<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_DebtInstrumentMaturityDate', window );">Maturity date</a></td>
<td class="text">Nov. 13,  2024<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_AreaOfLandPurchased">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 area of land purchased 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_AreaOfLandPurchased</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>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_AreaOfLandSold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 area of land sold 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_AreaOfLandSold</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>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_GainLossOnLandSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 land during the reporting 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_GainLossOnLandSales</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_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_BusinessAcquisitionPercentageOfVotingInterestsAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 voting equity interests acquired at the acquisition date in the business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=79982066&amp;loc=d3e1392-128463<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired</td>
</tr>
<tr>
<td style="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_DebtInstrumentFaceAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face (par) amount of debt instrument at time of issuance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=119993939&amp;loc=d3e28551-108399<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=114775985&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_DebtInstrumentFaceAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentMaturityDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<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(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentMaturityDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_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>Amount of cash paid for interest, including, but not limited to, capitalized interest and payment to settle zero-coupon bond attributable to accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount; classified as operating and 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/2009/role/commonPracticeRef<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=121583591&amp;loc=d3e4297-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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_PaymentsToAcquireLand">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow from the acquisition of real estate intended to generate income for the owner; excludes land acquired for use by the owner.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&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_PaymentsToAcquireLand</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireNotesReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to acquire an agreement for an unconditional promise by the maker to pay the entity (holder) a definite sum of money at a future date. Such amount may include accrued interest receivable in accordance with the terms of the note. The note also may contain provisions including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among myriad other features and characteristics.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&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_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_PaymentsToAcquireRealEstateHeldForInvestment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 real estate 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/2009/role/commonPracticeRef<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=121586364&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_PaymentsToAcquireRealEstateHeldForInvestment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_ProceedsFromSaleOfLandHeldforinvestment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 investment; excludes sales of land held as inventory or productive use.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&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_ProceedsFromSaleOfLandHeldforinvestment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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://fasb.org/us-gaap/role/ref/legacyRef<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_RepaymentsOfLongTermDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 debt initially having maturity due after 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://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3291-108585<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_RepaymentsOfLongTermDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_TimesharingTransactionsStatedInterestRateForNotesReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 interest rate of notes receivable from time-sharing transactions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 978<br> -SubTopic 310<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=68077313&amp;loc=d3e27327-108691<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TimesharingTransactionsStatedInterestRateForNotesReceivable</td>
</tr>
<tr>
<td style="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_DebtInstrumentAxis=arl_SeriesABondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_SeriesABondsMember</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_SeriesABCBondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_SeriesABCBondsMember</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_srt_CurrencyAxis=currency_ILS">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_CurrencyAxis=currency_ILS</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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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<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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<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 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=us-gaap_NotesReceivableMember</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>na</td>
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<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 class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_StatementGeographicalAxis=arl_FarmersBranchTexasMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td></td>
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<td><strong> Period Type:</strong></td>
<td></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;">srt_StatementGeographicalAxis=arl_KentOHMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</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 );">- 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_BusinessAcquisitionAxis=arl_EQKPortageLLCMember</td>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>17
<FILENAME>R53.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;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6809128816">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>COMMITMENTS, CONTINGENCIES AND LIQUIDITY (Details Narrative) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2">1 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Jul. 20, 2015</div></th>
<th class="th"><div>Jan. 31, 2012</div></th>
<th class="th"><div>Oct. 31, 2011</div></th>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Feb. 04, 2019</div></th>
<th class="th"><div>Dec. 31, 2012</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_NotesReceivableGross', window );">Notes and interest receivable</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">$ 170,918<span></span>
</td>
<td class="nump">$ 169,299<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_CommonStockHeldByPlantiff', window );">Common stock held by shareholder of lawsuit</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">7,900<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.Litigation [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>
</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>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_AwardedAttorneyFees', window );">Awarded attorney fees</a></td>
<td class="nump">$ 1,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_PostjudgmentInterestRate', window );">Post-judgment interest rate</a></td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</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.Litigation [Member] | Subsidiaries [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>
</tr>
<tr class="ro">
<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 value</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>
</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_LossContingencyActualDamagesAwardedValue', window );">Actual damages awarded value</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>
</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_LossContingencyDamagesAwardedInterestValue', window );">Interest damages awarded value</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>
</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.Litigation [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>
</tr>
<tr class="ro">
<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 value</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>
</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_LossContingencyActualDamagesAwardedValue', window );">Actual damages awarded value</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>
</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_LossContingencyDamagesAwardedInterestValue', window );">Interest damages awarded value</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>
</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.Litigation [Member] | Basic Capital 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>
<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 value</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>
</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_LossContingencyActualDamagesAwardedValue', window );">Actual damages awarded value</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>
</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_LossContingencyDamagesAwardedInterestValue', window );">Interest damages awarded value</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>
</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_srt_LitigationCaseAxis=arl_ClapperPartiesMember', window );">ART and ART Midwest, Inc. Litigation [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>
</tr>
<tr class="ro">
<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 value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 59,000<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="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_LossContingencyActualDamagesAwardedValue', window );">Actual damages awarded value</a></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="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_LossContingencyDamagesAwardedInterestValue', window );">Interest damages awarded value</a></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="re">
<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 and interest receivable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<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 Debt Guarantee [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>
</tr>
<tr class="re">
<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 );">Loan guarantee amount</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">$ 24,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of 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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Common shares held by plantiff in lawsuit against the entity.</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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<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 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>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_LossContingencyActualDamagesAwardedValue</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_arl_LossContingencyDamagesAwardedInterestValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_LossContingencyDamagesAwardedInterestValue</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_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_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://fasb.org/us-gaap/role/ref/legacyRef<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=121555522&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>
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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>
</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_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://fasb.org/us-gaap/role/ref/legacyRef<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=121557415&amp;loc=d3e14557-108349<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=121557415&amp;loc=d3e14435-108349<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=121557415&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_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_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, before allowance for credit loss, of financing 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/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 326<br> -SubTopic 20<br> -Section 55<br> -Paragraph 79<br> -URI http://asc.fasb.org/extlink&amp;oid=121647567&amp;loc=SL82922352-210448<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 326<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121599337&amp;loc=SL82919230-210447<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 326<br> -SubTopic 20<br> -Section 55<br> -Paragraph 80<br> -URI http://asc.fasb.org/extlink&amp;oid=121647567&amp;loc=SL82922355-210448<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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_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>
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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>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_ConsolidatedEntitiesAxis=srt_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_RelatedPartyTransactionsByRelatedPartyAxis=arl_AmericanRealtyTrustIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_AmericanRealtyTrustIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=arl_BasicEntityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_BasicEntityMember</td>
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<tr>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_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;">srt_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>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_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>
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<tr>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6822503472">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>INVESTMENT IN UNCONSOLIDATED INVESTEES (Details Narrative)<br></strong></div></th>
<th class="th">
<div>Mar. 31, 2020 </div>
<div>PizzaParlor </div>
<div>Grill </div>
<div>Restaurant </div>
<div>Franchise</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_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=arl_GruppaFlorentinaLlcMember', window );">Gruppa Florentina LLC [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_EquityMethodInvestmentOwnershipPercentage', window );">Percentage of ownership</a></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_dei_LegalEntityAxis=arl_MilanoMember', window );">Milano [Member] | Me-N-Ed's Pizza Parlors [Member]</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_NumberOfPizzaParlor', window );">Number of pizza parlor | PizzaParlor</a></td>
<td class="nump">33<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=arl_MilanoMember', window );">Milano [Member] | Blast 825 Pizza [Member]</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_NumberOfPizzaParlor', window );">Number of pizza parlor | PizzaParlor</a></td>
<td class="nump">4<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=arl_MilanoMember', window );">Milano [Member] | Siena Corp [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_MinorityInterestOwnershipPercentageByParent', window );">Investee's ownership percentage</a></td>
<td class="nump">100.00%<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_NumberOfGrill', window );">Number of grill | Grill</a></td>
<td class="nump">2<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=arl_MilanoMember', window );">Milano [Member] | Piazza del Pane, Inc. [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_MinorityInterestOwnershipPercentageByParent', window );">Investee's ownership percentage</a></td>
<td class="nump">100.00%<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_NumberOfRestaurants', window );">Number of restaurants | Restaurant</a></td>
<td class="nump">2<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=arl_MilanoMember', window );">Milano [Member] | Franchised Units [Member]</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_NumberOfFranchise', window );">Number of franchise | Franchise</a></td>
<td class="nump">23<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=arl_MilanoMember', window );">Milano [Member] | Franchised Units [Member] | Angelo &amp; Vito's Pizzerias [Member]</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_NumberOfFranchise', window );">Number of franchise | Franchise</a></td>
<td class="nump">2<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>Information about the number of franchise.</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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<td style="white-space:nowrap;">arl_NumberOfFranchise</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Information about the number of grill.</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_NumberOfGrill</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>Information about the number of pizza parlor.</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_NumberOfPizzaParlor</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:integerItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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</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://fasb.org/us-gaap/role/ref/legacyRef<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=114001798&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>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</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>
<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>
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<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli: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_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=arl_GruppaFlorentinaLlcMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=arl_GruppaFlorentinaLlcMember</td>
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<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>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=arl_MilanoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_MilanoMember</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_srt_OwnershipAxis=arl_MeNEdsPizzaParlorsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_OwnershipAxis=arl_MeNEdsPizzaParlorsMember</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_srt_OwnershipAxis=arl_Blast825PizzaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_OwnershipAxis=arl_Blast825PizzaMember</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_srt_OwnershipAxis=arl_SienaCorpMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_OwnershipAxis=arl_SienaCorpMember</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_srt_OwnershipAxis=arl_PiazzaDelPaneIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_OwnershipAxis=arl_PiazzaDelPaneIncMember</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_FranchisorDisclosureAxis=us-gaap_FranchisedUnitsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_FranchisorDisclosureAxis=us-gaap_FranchisedUnitsMember</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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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6801889232">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>BONDS AND BONDS INTEREST PAYABLE (Details 1) - Bonds [Member] - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</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_LongTermDebtByMaturityAbstract', window );"><strong>Year ended December 31,</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear', window );">2020</a></td>
<td class="nump">$ 11,220<span></span>
</td>
<td class="nump">$ 23,148<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths', window );">2021</a></td>
<td class="nump">34,222<span></span>
</td>
<td class="nump">35,301<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo', window );">2022</a></td>
<td class="nump">34,222<span></span>
</td>
<td class="nump">35,301<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree', window );">2023</a></td>
<td class="nump">111,361<span></span>
</td>
<td class="nump">114,873<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour', window );">2024</a></td>
<td class="nump">11,781<span></span>
</td>
<td class="nump">12,153<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive', window );">Thereafter</a></td>
<td class="nump">11,781<span></span>
</td>
<td class="nump">12,213<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_BondsPayable', window );">Total</a></td>
<td class="nump">$ 214,587<span></span>
</td>
<td class="nump">$ 232,989<span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>It represents bonds.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- 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>Amount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing after fifth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04.(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e24072-122690<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br></p></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>Amount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04.(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e24072-122690<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing in fourth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04.(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e24072-122690<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing in third fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04.(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e24072-122690<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing in second fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04.(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e24072-122690<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing in remainder of current fiscal year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04.(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e24072-122690<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6702414448">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>NOTES AND INTEREST RECEIVABLE (Tables)<br></strong></div></th>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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        <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #cceeff; vertical-align: bottom">
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            <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
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        <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #cceeff; vertical-align: bottom">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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        <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white; vertical-align: bottom">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
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        <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #cceeff; vertical-align: bottom">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">
                <font style="font: 10pt Times New Roman, Times, Serif">03/23</font>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
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        <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white; vertical-align: bottom">
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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                <font style="font: 10pt Times New Roman, Times, Serif">&#160;20,387 </font>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
                <font style="font: 10pt Times New Roman, Times, Serif">Unsecured</font>
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        <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #cceeff; vertical-align: bottom">
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">
                <font style="font: 10pt Times New Roman, Times, Serif">01/23</font>
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">
                <font style="font: 10pt Times New Roman, Times, Serif">3.00%</font>
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
                <font style="font: 10pt Times New Roman, Times, Serif">Unsecured</font>
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        <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white; vertical-align: bottom">
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">
                <font style="font: 10pt Times New Roman, Times, Serif">Various</font>
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">
                <font style="font: 10pt Times New Roman, Times, Serif">Various</font>
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
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        <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #cceeff; vertical-align: bottom">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
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        <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white; vertical-align: bottom">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">&#160;</td>
            <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&#160;</td>
            <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">&#160;</td>
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        <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #cceeff; vertical-align: bottom">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif">$</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">&#160;</td>
        </tr>
        <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white; vertical-align: bottom">
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
                <font style="font: 10pt Times New Roman, Times, Serif">&#160;</font>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap">&#160;</td>
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                <font style="font: 10pt Times New Roman, Times, Serif">&#160; 158,361 </font>
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            <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap">&#160;</td>
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                <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Related party notes.</p>
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    <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; width: 100%">
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                <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
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                <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">An allowance was taken for estimated losses at full value of note.</p>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p><span></span>
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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 );">- 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_ReceivablesAbstract</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&amp;loc=d3e13212-122682<br></p></div>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock</td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6820847840">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Total</div></th>
<th class="th"><div>Comprehensive Income (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, beginning at Dec. 31, 2018</a></td>
<td class="nump">$ 321,127<span></span>
</td>
<td class="nump">$ 106,086<span></span>
</td>
<td class="nump">$ 5<span></span>
</td>
<td class="nump">$ 164<span></span>
</td>
<td class="num">$ (6,395)<span></span>
</td>
<td class="nump">$ 84,885<span></span>
</td>
<td class="nump">$ 179,666<span></span>
</td>
<td class="nump">$ 62,802<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, beginning (in shares) at Dec. 31, 2018</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">16,412,861<span></span>
</td>
<td class="text">&#160;<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">(6,482)<span></span>
</td>
<td class="num">(6,147)<span></span>
</td>
<td class="text">&#160;<span></span>
</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">(6,147)<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_AdjustmentToAdditionalPaidInCapitalDistributionToEquityPartner', window );">Distribution to equity partner</a></td>
<td class="num">(67)<span></span>
</td>
<td class="text">&#160;<span></span>
</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">(67)<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, end at Mar. 31, 2019</a></td>
<td class="nump">314,578<span></span>
</td>
<td class="nump">99,939<span></span>
</td>
<td class="nump">5<span></span>
</td>
<td class="nump">$ 164<span></span>
</td>
<td class="num">(6,395)<span></span>
</td>
<td class="nump">84,818<span></span>
</td>
<td class="nump">173,519<span></span>
</td>
<td class="nump">62,467<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, end (in shares) at Mar. 31, 2019</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">16,412,861<span></span>
</td>
<td class="text">&#160;<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="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, beginning at Dec. 31, 2019</a></td>
<td class="nump">296,516<span></span>
</td>
<td class="nump">90,128<span></span>
</td>
<td class="nump">5<span></span>
</td>
<td class="nump">$ 164<span></span>
</td>
<td class="num">(6,395)<span></span>
</td>
<td class="nump">82,017<span></span>
</td>
<td class="nump">163,708<span></span>
</td>
<td class="nump">57,017<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, beginning (in shares) at Dec. 31, 2019</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">16,412,861<span></span>
</td>
<td class="text">&#160;<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_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="re">
<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">4,388<span></span>
</td>
<td class="nump">2,946<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,946<span></span>
</td>
<td class="nump">1,442<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, end at Mar. 31, 2020</a></td>
<td class="nump">$ 300,904<span></span>
</td>
<td class="nump">$ 93,074<span></span>
</td>
<td class="nump">$ 5<span></span>
</td>
<td class="nump">$ 164<span></span>
</td>
<td class="num">$ (6,395)<span></span>
</td>
<td class="nump">$ 82,017<span></span>
</td>
<td class="nump">$ 166,654<span></span>
</td>
<td class="nump">$ 58,459<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, end (in shares) at Mar. 31, 2020</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">16,412,861<span></span>
</td>
<td class="text">&#160;<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 class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 represents value of distribution to equity partner.</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_AdjustmentToAdditionalPaidInCapitalDistributionToEquityPartner</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward">
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<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/disclosureRef<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(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121641772&amp;loc=SL7669619-108580<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 7<br> -URI 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250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22663-107794<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<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=120311839&amp;loc=d3e8736-108599<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 13: http://www.xbrl.org/2003/role/disclosureRef<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 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-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=108774443&amp;loc=SL4569616-111683<br><br>Reference 18: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br><br>Reference 19: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 20: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<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_SharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued which are neither cancelled nor held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharesOutstanding</td>
</tr>
<tr>
<td style="padding-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_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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=115929471&amp;loc=d3e21930-107793<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 30<br> -Section 45<br> -Paragraph 17<br> -URI http://asc.fasb.org/extlink&amp;oid=118261656&amp;loc=d3e32136-110900<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<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=120397183&amp;loc=d3e187085-122770<br><br>Reference 4: 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-Topic 944<br> -SubTopic 40<br> -Section 65<br> -Paragraph 2<br> -Subparagraph (f)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=121370832&amp;loc=SL117420844-207641<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<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=108774443&amp;loc=SL4568740-111683<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 65<br> -Paragraph 15<br> -Subparagraph (f)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=121322162&amp;loc=SL121327923-165333<br><br>Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4I<br> -URI 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<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>
</div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6811973248">
<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>Mar. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</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">$ 482,834<span></span>
</td>
<td class="nump">$ 469,997<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_RealEstateSubjectToSalesContractsAtCost', window );">Real estate subject to sales contracts at cost</a></td>
<td class="nump">6,887<span></span>
</td>
<td class="nump">7,966<span></span>
</td>
</tr>
<tr class="ro">
<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">(93,144)<span></span>
</td>
<td class="num">(90,173)<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">396,577<span></span>
</td>
<td class="nump">387,790<span></span>
</td>
</tr>
<tr class="ro">
<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 and interest receivable (including $106,148 in 2020 and $105,524 in 2019 from related parties)</a></td>
<td class="nump">170,918<span></span>
</td>
<td class="nump">169,299<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_FinancingReceivableAllowanceForCreditLosses', window );">Less allowance for estimated losses (including $12,557 and $13,099 in 2020 and 2019 from related parties)</a></td>
<td class="num">(12,557)<span></span>
</td>
<td class="num">(13,099)<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_NotesReceivableNet', window );">Total notes and interest receivable</a></td>
<td class="nump">158,361<span></span>
</td>
<td class="nump">156,200<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_CashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
<td class="nump">39,946<span></span>
</td>
<td class="nump">51,228<span></span>
</td>
</tr>
<tr class="ro">
<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">28,158<span></span>
</td>
<td class="nump">32,083<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentsJointVentures', window );">Investment in VAA</a></td>
<td class="nump">53,508<span></span>
</td>
<td class="nump">59,148<span></span>
</td>
</tr>
<tr class="ro">
<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 );">Investment in other unconsolidated investees</a></td>
<td class="nump">8,623<span></span>
</td>
<td class="nump">8,507<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_DueFromRelatedParties', window );">Receivable from related party</a></td>
<td class="nump">78,779<span></span>
</td>
<td class="nump">85,996<span></span>
</td>
</tr>
<tr class="ro">
<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">51,119<span></span>
</td>
<td class="nump">49,689<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">815,071<span></span>
</td>
<td class="nump">830,641<span></span>
</td>
</tr>
<tr class="ro">
<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_NotesPayable', window );">Notes and interest payable</a></td>
<td class="nump">260,969<span></span>
</td>
<td class="nump">254,873<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_BondAndBondInterestPayable', window );">Bond and interest payable</a></td>
<td class="nump">207,832<span></span>
</td>
<td class="nump">229,722<span></span>
</td>
</tr>
<tr class="re">
<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 $24,762 in 2020 and 2019 to related parties)</a></td>
<td class="nump">24,762<span></span>
</td>
<td class="nump">24,762<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_AccountsPayableAndOtherAccruedLiabilities', window );">Accounts payable and other liabilities (including $12,069 in 2020 and $11,817 in 2019 to related parties)</a></td>
<td class="nump">20,604<span></span>
</td>
<td class="nump">24,768<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_Liabilities', window );">Total liabilities</a></td>
<td class="nump">514,167<span></span>
</td>
<td class="nump">534,125<span></span>
</td>
</tr>
<tr class="ro">
<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="re">
<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 614 and outstanding 1,800,614 in 2020 and 2019 (liquidation preference $10 per share), including 1,800,000 shares held by ARL and its subsidiaries in 2020 and 2019.</a></td>
<td class="nump">5<span></span>
</td>
<td class="nump">5<span></span>
</td>
</tr>
<tr class="ro">
<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, 100,000,000 shares authorized; 16,412,861 shares issued and 15,997,076 outstanding as of 2020 and 2019, including 140,000 shares held by TCI (consolidated) in 2020 and 2019.</a></td>
<td class="nump">164<span></span>
</td>
<td class="nump">164<span></span>
</td>
</tr>
<tr class="re">
<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 2020 and 2019, and 140,000 shares held by TCI (consolidated) as of 2020 and 2019.</a></td>
<td class="num">(6,395)<span></span>
</td>
<td class="num">(6,395)<span></span>
</td>
</tr>
<tr class="ro">
<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">82,017<span></span>
</td>
<td class="nump">82,017<span></span>
</td>
</tr>
<tr class="re">
<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">166,654<span></span>
</td>
<td class="nump">163,708<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_StockholdersEquity', window );">Total American Realty Investors, Inc. shareholders' equity</a></td>
<td class="nump">242,445<span></span>
</td>
<td class="nump">239,499<span></span>
</td>
</tr>
<tr class="re">
<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">58,459<span></span>
</td>
<td class="nump">57,017<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_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total shareholders' equity</a></td>
<td class="nump">300,904<span></span>
</td>
<td class="nump">296,516<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_LiabilitiesAndStockholdersEquity', window );">Total liabilities and shareholders' equity</a></td>
<td class="nump">$ 815,071<span></span>
</td>
<td class="nump">$ 830,641<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_BondAndBondInterestPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Bond and bond interest 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_BondAndBondInterestPayable</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_RealEstateSubjectToSalesContractsAtCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 real estate subject to sales contracts at cost.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_RealEstateSubjectToSalesContractsAtCost</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_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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 65<br> -Paragraph 15<br> -Subparagraph (g)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=121322162&amp;loc=SL121327923-165333<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&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_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://fasb.org/us-gaap/role/ref/legacyRef<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=120398452&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<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(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (bb)<br> -URI http://asc.fasb.org/extlink&amp;oid=121559654&amp;loc=d3e5710-111685<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=116870748&amp;loc=SL6758485-165988<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<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=120311839&amp;loc=d3e8736-108599<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<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=120400017&amp;loc=d3e572229-122910<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&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_CashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&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 income and obligation to transfer product and service to customer for which consideration has been received or is 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/disclosureRef<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(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&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_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/disclosureRef<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://fasb.org/us-gaap/role/ref/legacyRef<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=120398452&amp;loc=d3e534808-122878<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=120395691&amp;loc=d3e23780-122690<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<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=120400017&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_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_FinancingReceivableAllowanceForCreditLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11B<br> -Subparagraph (c)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=121611835&amp;loc=SL6953423-111524<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<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(7)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 326<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=121599878&amp;loc=SL82895884-210446<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 326<br> -SubTopic 20<br> -Section 50<br> -Paragraph 13<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121599337&amp;loc=SL82919249-210447<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 326<br> -SubTopic 20<br> -Section 50<br> -Paragraph 13<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=121599337&amp;loc=SL82919249-210447<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancingReceivableAllowanceForCreditLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_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>Amount of investment in equity method investee and investment in and advance to affiliate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=116870748&amp;loc=SL6758485-165988<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (bb)<br> -URI http://asc.fasb.org/extlink&amp;oid=121559654&amp;loc=d3e5710-111685<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=121559654&amp;loc=d3e5710-111685<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<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(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&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_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/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=120398452&amp;loc=d3e534808-122878<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=120400017&amp;loc=d3e572229-122910<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<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(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&amp;loc=d3e13212-122682<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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://fasb.org/us-gaap/role/ref/legacyRef<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=120400017&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<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=120398452&amp;loc=d3e534808-122878<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<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(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&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_MinorityInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</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_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://fasb.org/us-gaap/role/ref/legacyRef<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=120400017&amp;loc=d3e572229-122910<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=120398452&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>
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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>
</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, before allowance for credit loss, of financing 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/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 326<br> -SubTopic 20<br> -Section 55<br> -Paragraph 79<br> -URI http://asc.fasb.org/extlink&amp;oid=121647567&amp;loc=SL82922352-210448<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 326<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121599337&amp;loc=SL82919230-210447<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 326<br> -SubTopic 20<br> -Section 55<br> -Paragraph 80<br> -URI http://asc.fasb.org/extlink&amp;oid=121647567&amp;loc=SL82922355-210448<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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_NotesReceivableNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 326<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121599337&amp;loc=SL82919230-210447<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<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))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=121593590&amp;loc=d3e4428-111522<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NotesReceivableNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=120398452&amp;loc=d3e534808-122878<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=120400017&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_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://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&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://fasb.org/us-gaap/role/ref/legacyRef<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=120400017&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://fasb.org/us-gaap/role/ref/legacyRef<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=120400017&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_RealEstateInvestmentsJointVentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 book value of investments in real estate joint ventures including direct and indirect investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=120400017&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_RealEstateInvestmentsJointVentures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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://fasb.org/us-gaap/role/ref/legacyRef<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=120400017&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>Amount of cash and cash equivalents restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, 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.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=SL98516268-108586<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<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(1)(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&amp;loc=d3e3044-108585<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_RestrictedCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_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://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 65<br> -Paragraph 15<br> -Subparagraph (g)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=121322162&amp;loc=SL121327923-165333<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=120400017&amp;loc=d3e572229-122910<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 40<br> -Section 65<br> -Paragraph 2<br> -Subparagraph (h)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=121370832&amp;loc=SL117420844-207641<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<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=120397183&amp;loc=d3e187085-122770<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 40<br> -Section 65<br> -Paragraph 2<br> -Subparagraph (g)(2)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=121370832&amp;loc=SL117420844-207641<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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/2009/role/commonPracticeRef<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(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&amp;loc=d3e13212-122682<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&amp;loc=d3e13212-122682<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&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_StockholdersEquity</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>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>
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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: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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=115929471&amp;loc=d3e21930-107793<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 30<br> -Section 45<br> -Paragraph 17<br> -URI http://asc.fasb.org/extlink&amp;oid=118261656&amp;loc=d3e32136-110900<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<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=120397183&amp;loc=d3e187085-122770<br><br>Reference 4: 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<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://fasb.org/us-gaap/role/ref/legacyRef<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><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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_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>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td>instant</td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6806917296">
<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">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>Organization, Consolidation and Presentation of Financial Statements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BasisOfAccountingPolicyPolicyTextBlock', window );">Basis of Presentation</a></td>
<td class="text"><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 (&#8220;U.S. GAAP&#8221;) 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 three months ended March 31, 2019, 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 31, 2019 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&#8217;s Annual Report on Form 10-K for the year ended
December 31, 2019. Certain 2019 Consolidated Financial Statement amounts have been reclassified to conform to the 2020 presentation.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidationPolicyTextBlock', window );">Principles of Consolidation</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 (&#8220;VIE&#8221;), in accordance with the provisions and guidance of ASC Topic 810, &#8220;Consolidation&#8221;,
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 (&#8220;EITF&#8221;) Issue 04-5, Investor&#8217;s Accounting
for an Investment in a Limited Partnership when the Investor is the Sole General Partner and the Limited Partners have Certain
Rights (&#8220;EITF 04-5&#8221;). 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&#8217;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&#8217;
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;</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 investments in Gruppa Florentina, LLC and VAA are accounted for under the equity method.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePolicyTextBlock', window );">Real Estate, Depreciation and Impairment</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 (&#8220;ASC 360&#8221;), &#8220;Property,
Plant and Equipment&#8221;. 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&#8217;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="re">
<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 &#8220;held for sale.&#8221; 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><span></span>
</td>
</tr>
<tr class="ro">
<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. We capitalize
interest to qualifying assets under development based on average accumulated expenditures outstanding during the period. 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. 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="re">
<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,
&#8220;Fair Value Measurements and Disclosures&#8221;, 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&#8217;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>

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

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; vertical-align: top">
    <td style="width: 5%; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Level&#160;1</td>
    <td style="width: 2%; white-space: nowrap; font-size-adjust: none; font-stretch: normal">&#160;&#8212;</td>
    <td style="width: 93%; font-size-adjust: none; font-stretch: normal; text-align: justify">Unadjusted quoted prices for identical and unrestricted assets or liabilities in active markets.</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; vertical-align: top">
    <td style="text-align: justify; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Level&#160;2</td>
    <td style="text-align: justify; white-space: nowrap; font-size-adjust: none; font-stretch: normal">&#160;&#8212;</td>
    <td style="text-align: justify; font-size-adjust: none; font-stretch: normal">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 style="line-height: normal; font-size-adjust: none; font-stretch: normal; vertical-align: top">
    <td style="text-align: justify; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Level&#160;3</td>
    <td style="text-align: justify; white-space: nowrap; font-size-adjust: none; font-stretch: normal">&#160;&#8212;</td>
    <td style="text-align: justify; font-size-adjust: none; font-stretch: normal">Unobservable inputs that are significant to the fair value measurement.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A financial instrument&#8217;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="ro">
<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. Amortization is reflected as interest expense in
the Consolidated Statements of Operations, with remaining terms ranging from 6 months to 40 years. Unamortized financing costs
are written off when the financing agreement is extinguished before the maturity date.</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_BusinessCombinationsPolicy', window );">Related Parties</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>Related Parties</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">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.&#160;&#160;</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">Newly Issued Accounting Standards</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Newly Issued Accounting Standards&#160;&#160;</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white; text-align: justify">
        <font style="color: #212529">In December 2019, the FASB issued ASU 2019-12,&#160;<i><font style="color: #212529">Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.&#160;</font></i>The amendments in this Update simplify the accounting for income taxes by removing certain exceptions from ASC 740. Also, the amendments in this Update simplify the accounting for income taxes by requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax, requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination, and other targeted changes. The effective date of the amendments is for fiscal years, and interim periods within those years, beginning after December 15, 2020. The Company is currently evaluating the impact that the adoption of ASU 2019-12 may have on its consolidated financial statements.</font>
    </p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white; text-align: justify">
        <font style="color: #212529">In October 2018, the FASB issued ASU 2018-17,&#160;<i><font style="color: #212529">Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities</font></i>. This standard is intended to improve the accounting when considering indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. The effective date of the amendments is for fiscal years, and interim periods within those years, beginning after December 15, 2019. The new standard must be adopted retrospectively with early adoption permitted. The adoption of ASU 2018-17 did not have a material impact on the Company&#x2019;s financial position and results of operations.</font>
    </p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white; text-align: justify">
        <font style="color: black">In August 2018, the FASB issued ASU 2018-13,&#160;<i><font style="color: black">Fair Value Measurement (Topic 820): Disclosure Framework&#x2014;Changes to the Disclosure Requirements for Fair Value Measurement&#160;</font></i>that eliminates, adds and modifies certain disclosure requirements for fair value measurements. The effective date of the standard is for fiscal periods, and interim periods within those years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively. All other amendments should be applied retrospectively. Early adoption is permitted.
            <font style="color: #212529">The adoption of ASU 2018-13 did not have a material impact on the Company&#x2019;s financial position and results of operations.</font>
        </font>
    </p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white; text-align: justify">
        <font style="color: black">
            <font style="color: #212529">&#160;</font>
        </font>
    </p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white; text-align: justify">In February 2016, the FASB issued ASU 2016-02, <em>Leases </em>(Topic 842). The standard amended the existing lease accounting guidance and required lessees to recognize a lease liability and a right-of-use asset for all leases on their balance sheets. Lessees of operating leases continued to recognize lease expense in a manner similar to previous accounting. For lessors, accounting for leases under the new guidance was substantially the same as in prior periods, but it eliminated current real estate-specific provisions and changed the treatment of initial direct costs. The Company early adopted the standard on January 1, 2019.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Company elected the following package of practical expedients provided by the standard: (i) an entity need not reassess whether any expired or existing contract is a lease or contains a lease, (ii) an entity need not reassess the lease classification of any expired or existing leases, and (iii) an entity need not reassess initial direct costs for any existing leases. The Company also elected the short-term lease exception provided for in the standard and therefore only recognizes right-of-use assets and lease liabilities for leases with a term greater than one year. The Company adopted the standard on January 1, 2019, but since no material lease arrangements were identified where the Company was the lessee, there were no right-of-use assets or lease liabilities recorded.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In July 2018, the FASB issued ASU 2018-11, Leases &#x2013; Targeted Improvements, which provided entities with relief from the costs of implementing certain aspects of ASU 2016-02, Leases. The ASU provided a practical expedient which allowed lessors to not separate lease and non-lease components in a contract and allocate the consideration in the contract to the separate components if both: (i) the timing and pattern of revenue recognition for the non-lease component and the related lease component are the same and (ii) the combined single lease component would be classified as an operating lease. The Company elected the practical expedient. The ASU also provided a transition option that permitted entities to not recast the comparative periods presented when transitioning to the standard, which the Company also elected.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers. The scope of this standard specifically excludes lease contracts. The Company adopted the standard on January 1, 2019, but it did not have an impact to the financial statements as the majority of the Company&#x2019;s revenue is from rental revenue generated from lease contracts.</p><span></span>
</td>
</tr>
</table>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<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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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 completed business combinations (purchase method, acquisition method or combination of entities under common control). This accounting policy may include a general discussion of the purchase method or acquisition method of accounting (including for example, the treatment accorded contingent consideration, the identification of assets and liabilities, the purchase price allocation process, how the fair values of acquired assets and liabilities are determined) and the entity's specific application thereof. An entity that acquires another entity in a leveraged buyout transaction generally discloses the accounting policy followed by the acquiring entity in determining the basis used to value its interest in the acquired entity, and the rationale for that accounting policy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 10<br> -Section 05<br> -Paragraph 4<br> -Subparagraph (a)-(d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6909625&amp;loc=d3e227-128457<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=84158767&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_BusinessCombinationsPolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalizationOfInternalCostsPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for capitalizing internal costs associated with exploration and production activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 932<br> -SubTopic 360<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (c)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=27015634&amp;loc=d3e516343-122869<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 932<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-10(c)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398226&amp;loc=d3e511914-122862<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=84158767&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_CapitalizationOfInternalCostsPolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConsolidationPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting.  The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=84158767&amp;loc=d3e18780-107790<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=109239629&amp;loc=d3e5614-111684<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_ConsolidationPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredChargesPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for deferral and amortization of significant deferred charges.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=84158767&amp;loc=d3e18780-107790<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&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_DeferredChargesPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueMeasurementPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueMeasurementPolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
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<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_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract</td>
</tr>
<tr>
<td style="padding-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_RealEstateHeldForDevelopmentAndSalePolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for real estate held for development or sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=84158767&amp;loc=d3e18780-107790<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstateHeldForDevelopmentAndSalePolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstatePolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for entities that primarily develop and then sell real property at retail or otherwise.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=84158767&amp;loc=d3e18780-107790<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=121604013&amp;loc=d3e24546-110282<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstatePolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6829144656">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>NOTES AND INTEREST PAYABLE (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</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 );">Total notes payable</a></td>
<td class="nump">$ 267,309<span></span>
</td>
<td class="nump">$ 261,436<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredFinanceCostsNet', window );">Less: unamortized deferred borrowing costs</a></td>
<td class="num">(7,189)<span></span>
</td>
<td class="num">(7,342)<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_DebtInstrumentCarryingAmount', window );">Total outstanding notes payable, net</a></td>
<td class="nump">260,120<span></span>
</td>
<td class="nump">254,094<span></span>
</td>
</tr>
<tr class="ro">
<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">849<span></span>
</td>
<td class="nump">779<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 notes payable, net and accrued interest</a></td>
<td class="nump">260,969<span></span>
</td>
<td class="nump">254,873<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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<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 );">Total notes payable</a></td>
<td class="nump">120,370<span></span>
</td>
<td class="nump">120,024<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables8Member', window );">Apartments Under Construction [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_LongTermNotesPayable', window );">Total notes payable</a></td>
<td class="nump">16,710<span></span>
</td>
<td class="nump">9,017<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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<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 );">Total notes payable</a></td>
<td class="nump">92,319<span></span>
</td>
<td class="nump">92,838<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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<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 );">Total notes payable</a></td>
<td class="nump">17,644<span></span>
</td>
<td class="nump">19,128<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 );">Corporate and Other Notes [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_LongTermNotesPayable', window );">Total notes payable</a></td>
<td class="nump">$ 20,266<span></span>
</td>
<td class="nump">$ 20,429<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_DebtInstrumentCarryingAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of 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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=120520924&amp;loc=SL6031897-161870<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<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=120398452&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_DebtInstrumentCarryingAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_DeferredFinanceCostsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 issuance costs. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=119993939&amp;loc=d3e28555-108399<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_DeferredFinanceCostsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_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://fasb.org/us-gaap/role/ref/legacyRef<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=120398452&amp;loc=d3e534808-122878<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=120400017&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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=120520924&amp;loc=SL6031897-161870<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=120400017&amp;loc=d3e572229-122910<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=120398452&amp;loc=d3e534808-122878<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&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://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&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>
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<tr>
<td><strong> Data Type:</strong></td>
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</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_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_NotesPayableOtherPayables8Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables8Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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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_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>
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<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>
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<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>
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</div></td></tr>
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<head>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6645064576">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>BONDS AND BOND INTEREST PAYABLE (Details Narrative)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Jan. 31, 2020 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=arl_NonconvertibleDebenturesMember', window );">Bonds (Series A) [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongTermDebt', window );">Payment of bond principal</a></td>
<td class="nump">$ 11,600<span></span>
</td>
</tr>
<tr class="re">
<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 );">Payment of interest</a></td>
<td class="nump">7,300<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_NonconvertibleDebentures1Member', window );">Bonds (Series B) [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_InterestPaid', window );">Payment of interest</a></td>
<td class="nump">7,300<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_BondsSeriesCMember', window );">Bonds (Series C) [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_InterestPaid', window );">Payment of interest</a></td>
<td class="nump">$ 7,300<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_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>Amount of cash paid for interest, including, but not limited to, capitalized interest and payment to settle zero-coupon bond attributable to accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount; classified as operating and 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/2009/role/commonPracticeRef<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=121583591&amp;loc=d3e4297-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for debt initially having maturity due after 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://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3291-108585<br></p></div>
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<tr>
<td><strong> Name:</strong></td>
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<td><strong> Name:</strong></td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6802940560">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUPPLEMENTAL CASH FLOW INFORMATION (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2020</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_SupplementalCashFlowElementsAbstract', window );"><strong>Supplemental Cash Flow Elements [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_ScheduleOfRestrictedCashAndCashEquivalentsTextBlock', window );">Reconciliation of cash and cash equivalents and restricted cash</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="background-color: white">The
following is a reconciliation of the Company&#8217;s cash and cash equivalents, and restricted cash to the total presented in the
consolidated statement of cash flows</font></p>

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

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 80%; margin-left: 5.4pt; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="6" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>March 31,</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2020</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2019</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="width: 69%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Cash and cash equivalents</td>
    <td style="width: 2%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
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    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">14,031</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">34,690</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Restricted cash (certificate of deposits)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">11,876</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Restricted cash (held with Trustee)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">11,273</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">6,398</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Total cash, cash equivalents and restricted cash</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 81,127</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
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</td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of cash and cash equivalents restricted as to withdrawal or usage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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(1)(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=SL98516268-108586<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&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>
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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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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6653448624">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Mar. 31, 2019</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_StatementOfIncomeAndComprehensiveIncomeAbstract', window );"><strong>Statement of Comprehensive Income [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_ProfitLoss', window );">Net income (loss)</a></td>
<td class="nump">$ 4,388<span></span>
</td>
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</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_ComprehensiveIncomeNetOfTax', window );">Total comprehensive income (loss)</a></td>
<td class="nump">4,388<span></span>
</td>
<td class="num">(6,482)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest', window );">Comprehensive (income) loss attributable to non-controlling interest</a></td>
<td class="num">(1,442)<span></span>
</td>
<td class="nump">335<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_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent', window );">Comprehensive income (loss) attributable to American Realty Investors, Inc.</a></td>
<td class="nump">$ 2,946<span></span>
</td>
<td class="num">$ (6,147)<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_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>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ComprehensiveIncomeNetOfTax</td>
</tr>
<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>
<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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121641772&amp;loc=SL7669625-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400993&amp;loc=SL114874131-224263<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(25))<br> -URI http://asc.fasb.org/extlink&amp;oid=120399700&amp;loc=SL114874048-224260<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<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=120409616&amp;loc=SL4591552-111686<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=121641772&amp;loc=SL7669619-108580<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<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=108774443&amp;loc=SL4613674-111683<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<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=108774443&amp;loc=SL4569643-111683<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_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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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of other comprehensive income (loss) attributable to 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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121641772&amp;loc=SL7669625-108580<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (c)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=109239629&amp;loc=SL4573702-111684<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=108774443&amp;loc=SL4569643-111683<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121641772&amp;loc=SL7669619-108580<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<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=108774443&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_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_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/disclosureRef<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(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121641772&amp;loc=SL7669619-108580<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 7<br> -URI 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfitLoss</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_StatementOfIncomeAndComprehensiveIncomeAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:stringItemType</td>
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<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6821440608">
<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>Mar. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="nump">$ 170,918<span></span>
</td>
<td class="nump">$ 169,299<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_FinancingReceivableAllowanceForCreditLosses', window );">Allowance for doubtful accounts</a></td>
<td class="nump">12,557<span></span>
</td>
<td class="nump">13,099<span></span>
</td>
</tr>
<tr class="re">
<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</a></td>
<td class="nump">24,762<span></span>
</td>
<td class="nump">24,762<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_AccountsPayableAndOtherAccruedLiabilities', window );">Accounts payable and other liabilities</a></td>
<td class="nump">$ 20,604<span></span>
</td>
<td class="nump">$ 24,768<span></span>
</td>
</tr>
<tr class="re">
<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="ro">
<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="re">
<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">16,412,861<span></span>
</td>
<td class="nump">16,412,861<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_CommonStockSharesOutstanding', window );">Common stock, outstanding (in shares)</a></td>
<td class="nump">15,997,076<span></span>
</td>
<td class="nump">15,997,076<span></span>
</td>
</tr>
<tr class="re">
<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_RelatedPartyTransactionsByRelatedPartyAxis=arl_RelatedPartyMember', window );">Related Parties [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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="nump">$ 106,148<span></span>
</td>
<td class="nump">$ 105,524<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancingReceivableAllowanceForCreditLosses', window );">Allowance for doubtful accounts</a></td>
<td class="nump">12,557<span></span>
</td>
<td class="nump">13,099<span></span>
</td>
</tr>
<tr class="re">
<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</a></td>
<td class="nump">24,762<span></span>
</td>
<td class="nump">24,762<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_AccountsPayableAndOtherAccruedLiabilities', window );">Accounts payable and other liabilities</a></td>
<td class="nump">$ 12,069<span></span>
</td>
<td class="nump">$ 11,817<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 Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">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="re">
<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 );">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="ro">
<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 );">Preferred stock, issued (in shares)</a></td>
<td class="nump">1,800,614<span></span>
</td>
<td class="nump">1,800,614<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_PreferredStockSharesOutstanding', window );">Preferred stock, outstanding (in shares)</a></td>
<td class="nump">614<span></span>
</td>
<td class="nump">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_PreferredStockLiquidationPreference', window );">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="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=arl_AmericanRealtyInvestorsIncAndSubsidiariesMember', window );">ARL and Subsidiaries [Member] | Series A Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preferred stock, issued (in shares)</a></td>
<td class="nump">1,800,000<span></span>
</td>
<td class="nump">1,800,000<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=arl_TranscontinentalRealtyInvestorsMember', window );">TCI [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_CommonStockSharesOutstanding', window );">Common stock, outstanding (in shares)</a></td>
<td class="nump">140,000<span></span>
</td>
<td class="nump">140,000<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_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>
</table>
<div style="display: none;">
<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_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://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&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://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&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://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&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://fasb.org/us-gaap/role/ref/legacyRef<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=109259400&amp;loc=d3e21463-112644<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&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_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 income and obligation to transfer product and service to customer for which consideration has been received or is 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/disclosureRef<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(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&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_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_FinancingReceivableAllowanceForCreditLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11B<br> -Subparagraph (c)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=121611835&amp;loc=SL6953423-111524<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<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(7)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 326<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=121599878&amp;loc=SL82895884-210446<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 326<br> -SubTopic 20<br> -Section 50<br> -Paragraph 13<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121599337&amp;loc=SL82919249-210447<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 326<br> -SubTopic 20<br> -Section 50<br> -Paragraph 13<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=121599337&amp;loc=SL82919249-210447<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancingReceivableAllowanceForCreditLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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, before allowance for credit loss, of financing receivable.</p></div>
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<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>
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<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>
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<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://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&amp;loc=d3e13212-122682<br></p></div>
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<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>
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<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://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&amp;loc=d3e13212-122682<br></p></div>
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<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://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6647214512">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUBSEQUENT EVENTS<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2020</div></th></tr>
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<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 14. SUBSEQUENT EVENTS</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">During 2020, a strain of coronavirus (&#8220;COVID
&#8211; 19&#8221;) was reported worldwide, resulting in decreased economic activity and concerns about the pandemic, which would
adversely affect the broader global economy. The Company is taking all necessary steps to keep our business premises, tenants,
vendors and employees in a safe environment and are constantly monitoring the impact of COVID &#8211; 19.&#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">As a result of the impact of COVID-19 on
global financial markets, we have experienced volatility in foreign currency exchange rates. Extreme market volatility and disruption
caused by COVID-19 may impact Company&#8217;s ability to raise additional capital through debt financing activities, our ability
to repay or refinance maturing liabilities, or impact the terms of any new obligations, which in turn may have an adverse impact
on our credit ratings.&#160; As we have no near term debt maturities we believe there is currently no adverse impact on the Company
financing activities and credit ratings. The extent to which COVID-19 will impact our business and financial results will depend
on future developments, which are highly uncertain and cannot be predicted at this time due to the rapid evolution of this uncertain
situation.</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 date to which events occurring after
March 31, 2020, the date of the most recent balance sheet, have been evaluated for possible adjustment to the Consolidated Financial
Statements or disclosure is May 15, 2020, which is the date on which the Consolidated Financial Statements were available to be
issued.&#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 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>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 855<br> -URI http://asc.fasb.org/topic&amp;trid=2122774<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 855<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6842918&amp;loc=SL6314017-165662<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6647214512">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DEFERRED INCOME<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 10. DEFERRED INCOME</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In previous years, the Company has sold
properties to related parties where we have had continuing involvement in the form of management or financial assistance associated
with the sale of the properties. Because of the continuing involvement associated with the sale, the sales criteria for the full
accrual method is not met, and as such the Company has deferred some or all of the gain recognition and accounted for the sale
by applying the finance, deposit, installment or cost recovery methods, as appropriate, until the sales criteria is met. The gain
on these transactions have been deferred until the properties are sold to a non-related third party. As of March 31, 2020, we
had deferred gain of $24.8 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 deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date 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://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 430<br> -URI http://asc.fasb.org/topic&amp;trid=2122452<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6798030112">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INVESTMENT IN UNCONSOLIDATED INVESTEES<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2020</div></th></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The summary data presented below includes
our investments accounted for under the equity method, except for our investment in VAA which is discussed in detail in Note 2
&#8216;Investment in VAA&#8217;.</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 owns a 20% interest in Gruppa
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33 pizza parlors under the trade name &#8220;Me-N-Ed&#8217;s Pizza Parlors&#8221; and four pizza parlors operating under the trade
name &#8220;Blast 825 Pizza&#8221;, located primarily in Central and Northern California. Milano has a 100% ownership interest
in Siena Corp, which operates two grills under the trade names &#8220;Me-N-Ed&#8217;s Victory Grill&#8221; and &#8220;Me-N-Ed&#8217;s
Coney Island Grill&#8221;. 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&#8217;s
Pizzerias.</p>

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

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    <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
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    <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; line-height: normal; text-align: center; font-size-adjust: none; font-stretch: normal">2020</td>
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    <td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
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    <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal">$</td>
    <td style="line-height: normal; width: 14%; text-align: right; font-size-adjust: none; font-stretch: normal">12,403</td>
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    <td style="line-height: normal; width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal">$</td>
    <td style="line-height: normal; width: 14%; text-align: right; font-size-adjust: none; font-stretch: normal">13,530</td>
    <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td></tr>
<tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: white">
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    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">11,053</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">11,508</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td></tr>
<tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
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    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">33,416</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
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<tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: white">
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    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
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    <td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">(9,853</td>
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    <td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">(7,052</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">)</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
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<tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: white">
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    <td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
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    <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
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    <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; line-height: normal; text-align: center; font-size-adjust: none; font-stretch: normal">2020</td>
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    <td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; line-height: normal; text-align: center; font-size-adjust: none; font-stretch: normal">2019</td>
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    <td style="line-height: normal; width: 14%; text-align: right; font-size-adjust: none; font-stretch: normal">13,626</td>
    <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td></tr>
<tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: white">
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    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">(351</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">)</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">(364</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">)</td></tr>
<tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">Operating expenses</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">(12,342</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">)</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
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    <td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">(12,815</td>
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<tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: white">
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    <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">(141</td>
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    <td style="border-bottom: black 1pt solid; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">(156</td>
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<tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
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    <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">$</td>
    <td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">580</td>
    <td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">$</td>
    <td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">291</td>
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<tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: white">
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    <td style="border-bottom: black 2.5pt double; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">$</td>
    <td style="border-bottom: black 2.5pt double; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">580</td>
    <td style="line-height: normal; text-align: left; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 2.5pt double; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">$</td>
    <td style="border-bottom: black 2.5pt double; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">291</td>
    <td style="line-height: normal; text-align: left; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal">&#160;</td></tr>
<tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">Company&#8217;s 20% proportionate share of earnings</td>
    <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
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    <td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">116</td>
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    <td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">$</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -URI http://asc.fasb.org/topic&amp;trid=2196965<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6802263280">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INVESTMENT IN VAA<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2020</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_InvestmentInVaaDisclosureTextBlock', window );">INVESTMENT IN VAA</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 2. INVESTMENT IN VAA</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">On November 19, 2018, TCI executed an agreement
with Macquarie Group (&#8220;Macquarie&#8221;) to create a joint venture, Victory Abode Apartments, LLC (&#8220;VAA&#8221;) to
address existing and future demand for quality multifamily residential housing through acquisition and development of sustainable
Class A multifamily housing in focused secondary and tertiary markets.</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 accounts for its investment
in VAA under the equity method of accounting. Under the equity method of accounting, our net equity in the investment is reflected
within the Consolidated Balance Sheets in the caption &#8216;Investment in VAA&#8217;, and our share of the net income or loss
from the joint venture is included within the Consolidated Statements of Operations in the caption &#8216;Equity earnings from
VAA&#8217;. 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&#8217;s distribution priorities, which
may change upon the achievement of certain investment return thresholds and other agreed upon adjustments.</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 of VAA (dollars in thousands):</p>

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

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 90%; margin-left: 5.4pt; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="6" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>For the period ended March 31,</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"><b>&#160;</b></td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2020</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2019</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="border-bottom: black 1pt solid; width: 37%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"><b>Balance Sheet</b></td>
    <td style="width: 34%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"><b>&#160;</b></td>
    <td style="width: 2%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Net real estate assets</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,239,252</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,257,557</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Other assets</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">48,968</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">67,020</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Debt, net</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(834,826</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(796,065</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Other liabilities</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(261,620</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(275,448</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Total equity</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(191,774</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(253,064</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 90%; margin-left: 5.4pt; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="6" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"><b>For the Three Months Ended March 31, </b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2020</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2019</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="border-bottom: black 1pt solid; width: 37%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"><b>Results of Operations</b></td>
    <td style="width: 34%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"><b>&#160;</b></td>
    <td style="width: 2%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Total revenue</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 29,660</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 27,401</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Total property, operating, and maintenance expenses</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(13,842</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(14,169</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Interest expense</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(15,074</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(15,070</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Depreciation and Amortization</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(7,657</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(15,233</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Total other expense</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(982</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(675</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Net loss</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (7,895</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (17,746</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.1pt; text-align: justify; text-indent: -55.1pt">Below
is a reconciliation of our allocation of income or loss from VAA.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.1pt; text-align: justify; text-indent: -55.1pt">&#160;</p>

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 90%; margin-left: 5.4pt; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="6" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>For the Three Months Ended March 31, </b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2020</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2019</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="width: 71%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">VAA net loss</td>
    <td style="width: 2%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (7,895</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (17,746</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Adjustments to reconcile to income (loss) from VAA</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Interest expense on mezzanine loan</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">5,873</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">6,089</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">In-place lease intangibles - amortization expense</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">8,336</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Depreciation basis differences</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">1,270</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">1,211</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Net loss</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (752</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (2,110</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Percentage ownership in VAA</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">50</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">%</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">50</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">%</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Loss from VAA</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (376</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (1,055</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_InvestmentInVaaDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 investment in VAA.</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_InvestmentInVaaDisclosureTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
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<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract">
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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;">us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract</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:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
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</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>36
<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;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6822302128">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Nov. 19, 2018 </div>
<div>USD ($) </div>
<div>Apartment </div>
<div>Project</div>
</th>
<th class="th">
<div>Mar. 31, 2020 </div>
<div>a </div>
<div>ft&#178; </div>
<div>Number </div>
<div>Apartment </div>
<div>Properties</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_AreaOfLand', window );">Acres of land | a</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,982<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=arl_VictoryAbodeApartmentsLLCMember', window );">Victory Abode Apartments, LLC [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Percentage of ownership</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
</tr>
<tr class="ro">
<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 | Apartment</a></td>
<td class="nump">49<span></span>
</td>
<td class="nump">51<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationConsiderationTransferred1', window );">Cash consideration | $</a></td>
<td class="nump">$ 236,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<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 | Number</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,137<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_ProjectsInDevelopment', window );">Projects in development | Project</a></td>
<td class="nump">3<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_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=arl_CommercialPropertyMember', window );">Commercial lProperties [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">7<span></span>
</td>
</tr>
<tr class="ro">
<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">1,700,000<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_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=srt_OfficeBuildingMember', window );">Office Buildings [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</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=srt_RetailSiteMember', window );">Retail Properties [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</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=srt_ApartmentBuildingMember', window );">Apartment Buildings [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 | Apartment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10<span></span>
</td>
</tr>
<tr class="re">
<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 | Number</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,657<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_srt_OwnershipAxis=arl_TranscontinentalRealtyInvestorsMember', window );">TCI [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">78.38%<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_srt_OwnershipAxis=arl_IncomeOpportunityRealtyInvestorsIncMember', window );">Income Opportunity Realty Investors, Inc. [Member] | TCI [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">81.15%<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_srt_OwnershipAxis=arl_VictoryAbodeApartmentsLLCMember', window );">Victory Abode Apartments, LLC [Member] | Class A [Member] | Abode JVP, LLC [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_VotingInterestInJointVenture', window );">Voting interest in joint venture</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50.00%<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_ProfitParticipationRightsPercentage', window );">Profit participation rights percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">49.00%<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_srt_OwnershipAxis=arl_VictoryAbodeApartmentsLLCMember', window );">Victory Abode Apartments, LLC [Member] | Class A [Member] | Summerset Intermediate Holdings 2 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_VotingInterestInJointVenture', window );">Voting interest in joint venture</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_ProfitParticipationRightsPercentage', window );">Profit participation rights percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">49.00%<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_srt_OwnershipAxis=arl_VictoryAbodeApartmentsLLCMember', window );">Victory Abode Apartments, LLC [Member] | Daniel J. Moos ARL's President and Chief Executive Officer [Member] | Class B [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_ProfitParticipationRightsPercentage', window );">Profit participation rights percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.00%<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_srt_RangeAxis=srt_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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_AmortizationLifeOfFinancingProperties', window );">Amortization life of financing properties</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_srt_RangeAxis=srt_MinimumMember', window );">Minimum [Member] | Related Parties [Member] | ARL [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">90.00%<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_srt_RangeAxis=srt_MaximumMember', window );">Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_AmortizationLifeOfFinancingProperties', window );">Amortization life of financing properties</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>
</tr>
<tr class="re">
<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>
</tr>
<tr class="re">
<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>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_MachineryAndEquipmentMember', window );">Furniture, Fixtures and Equipment [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Useful life of fixed assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_MachineryAndEquipmentMember', window );">Furniture, Fixtures and Equipment [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Useful life of fixed assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_AmortizationLifeOfFinancingProperties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amortization life of financing properties.</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_AmortizationLifeOfFinancingProperties</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_ProfitParticipationRightsPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 profit participation rights.</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_ProfitParticipationRightsPercentage</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>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_ProjectsInDevelopment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 projects in development.</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_ProjectsInDevelopment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_VotingInterestInJointVenture">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Voting interest in joint venture.</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_VotingInterestInJointVenture</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>duration</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_BusinessCombinationConsiderationTransferred1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 consideration transferred, consisting of acquisition-date fair value of assets transferred by the acquirer, liabilities incurred by the acquirer, and equity interest issued by the acquirer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 30<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=116859721&amp;loc=d3e6613-128477<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120321790&amp;loc=d3e6927-128479<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 30<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=116859721&amp;loc=d3e6578-128477<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessCombinationConsiderationTransferred1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_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://fasb.org/us-gaap/role/ref/legacyRef<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=114001798&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_dei_LegalEntityAxis=arl_VictoryAbodeApartmentsLLCMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_VictoryAbodeApartmentsLLCMember</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_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=arl_CommercialPropertyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=arl_CommercialPropertyMember</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_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=srt_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;">srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=srt_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_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=srt_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;">srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=srt_RetailSiteMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=srt_ApartmentBuildingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=srt_ApartmentBuildingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</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_srt_OwnershipAxis=arl_TranscontinentalRealtyInvestorsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_OwnershipAxis=arl_TranscontinentalRealtyInvestorsMember</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_srt_OwnershipAxis=arl_IncomeOpportunityRealtyInvestorsIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_OwnershipAxis=arl_IncomeOpportunityRealtyInvestorsIncMember</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_TranscontinentalRealtyInvestorsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_TranscontinentalRealtyInvestorsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_OwnershipAxis=arl_VictoryAbodeApartmentsLLCMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_OwnershipAxis=arl_VictoryAbodeApartmentsLLCMember</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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</tr>
<tr>
<td><strong> Balance Type:</strong></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>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember</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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<tr>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=arl_AbodeJypLlcMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_AbodeJypLlcMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=arl_SummersetIntermediateHoldings2LLCMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_SummersetIntermediateHoldings2LLCMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<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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</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_TitleOfIndividualAxis=srt_ChiefExecutiveOfficerMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_TitleOfIndividualAxis=srt_ChiefExecutiveOfficerMember</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>
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<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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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_CommonClassBMember</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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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_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;">srt_RangeAxis=srt_MinimumMember</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 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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<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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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_OwnershipAxis=arl_AmericanRealtyInvestorsIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_OwnershipAxis=arl_AmericanRealtyInvestorsIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_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;">srt_RangeAxis=srt_MaximumMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_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>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_MachineryAndEquipmentMember">
<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_PropertyPlantAndEquipmentByTypeAxis=us-gaap_MachineryAndEquipmentMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>37
<FILENAME>R37.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;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6820583664">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Mar. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</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_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
<td class="nump">$ 39,946<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 28,163<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<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">28,158<span></span>
</td>
<td class="nump">$ 32,083<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_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents', window );">Total cash, cash equivalents and restricted cash</a></td>
<td class="nump">68,104<span></span>
</td>
<td class="nump">$ 83,311<span></span>
</td>
<td class="nump">81,127<span></span>
</td>
<td class="nump">$ 106,615<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_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsAxis=arl_HeldInEscrowMember', window );">Held In Escrow [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 " 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">14,031<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">34,690<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_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsAxis=us-gaap_CertificatesOfDepositMember', window );">Certificates of Deposit [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 " 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">2,854<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11,876<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_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsAxis=arl_HeldWithTrusteeMember', window );">Held with Trustee [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 " 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">$ 11,273<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,398<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_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://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&amp;loc=d3e3044-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=121566466&amp;loc=d3e6676-107765<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&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>
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<tr>
<td><strong> Data Type:</strong></td>
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<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;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6809319120">
<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>Mar. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Mar. 31, 2019</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 assets</a></td>
<td class="nump">$ 396,577<span></span>
</td>
<td class="nump">$ 387,790<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<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">8,623<span></span>
</td>
<td class="nump">8,507<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">815,071<span></span>
</td>
<td class="nump">$ 830,641<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_srt_ConsolidationItemsAxis=us-gaap_MaterialReconcilingItemsMember', window );">Segment Reconciling Items [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_RealEstateInvestmentPropertyNet', window );">Real estate assets</a></td>
<td class="nump">396,577<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 386,477<span></span>
</td>
</tr>
<tr class="ro">
<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">62,131<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">75,634<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsAndNotesReceivableNet', window );">Notes and interest receivable</a></td>
<td class="nump">158,361<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">124,462<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_OtherAssetsAndReceivables', window );">Other assets</a></td>
<td class="nump">198,002<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">228,240<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">$ 815,071<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 814,813<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of assets and receivables 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;">arl_OtherAssetsAndReceivables</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after allowance for credit loss, of accounts and financing receivable. Includes, but is not limited to, notes and loan 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/disclosureRef<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(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=121593590&amp;loc=d3e4428-111522<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<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))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&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>
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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>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://fasb.org/us-gaap/role/ref/legacyRef<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=120398452&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<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(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (bb)<br> -URI http://asc.fasb.org/extlink&amp;oid=121559654&amp;loc=d3e5710-111685<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=116870748&amp;loc=SL6758485-165988<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<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=120311839&amp;loc=d3e8736-108599<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<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=120400017&amp;loc=d3e572229-122910<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of investment in equity method investee and investment in and advance to affiliate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&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>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of 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>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstateInvestmentPropertyNet</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ConsolidationItemsAxis=us-gaap_MaterialReconcilingItemsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_ConsolidationItemsAxis=us-gaap_MaterialReconcilingItemsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<html>
<head>
<title></title>
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<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6653439936">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>DEFERRED INCOME (Details Narrative)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Mar. 31, 2020 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DeferredIncomeAbstract', window );"><strong>Deferred Income</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredGainOnSaleOfProperty', window );">Deferred gain</a></td>
<td class="nump">$ 24,800<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_DeferredIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_DeferredIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredGainOnSaleOfProperty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of gain on the sale of property that does not qualify for gain recognition 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_DeferredGainOnSaleOfProperty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<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>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6822139216">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INVESTMENT IN UNCONSOLIDATED INVESTEES (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Mar. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2019</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">$ 396,577<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 387,790<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesReceivableNet', window );">Total notes and interest receivable</a></td>
<td class="nump">158,361<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">156,200<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_OtherAssets', window );">Other assets</a></td>
<td class="nump">51,119<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">49,689<span></span>
</td>
</tr>
<tr class="ro">
<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">(260,969)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(254,873)<span></span>
</td>
</tr>
<tr class="re">
<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/partners capital</a></td>
<td class="num">(242,445)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (239,499)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenue</a></td>
<td class="nump">11,918<span></span>
</td>
<td class="nump">$ 11,929<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation</a></td>
<td class="num">(3,394)<span></span>
</td>
<td class="num">(3,109)<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_IncomeLossFromContinuingOperations', window );">Income (loss) from continuing operations</a></td>
<td class="nump">4,388<span></span>
</td>
<td class="num">(6,482)<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_NetIncomeLoss', window );">Net income (loss) attributable to American Realty Investors, Inc.</a></td>
<td class="nump">2,946<span></span>
</td>
<td class="num">(6,147)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<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 20% proportionate share of earnings</a></td>
<td class="nump">116<span></span>
</td>
<td class="nump">58<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_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=arl_GruppaFlorentinaLlcMember', 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>
</tr>
<tr class="ro">
<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">12,403<span></span>
</td>
<td class="nump">13,530<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_NotesReceivableNet', window );">Total notes and interest receivable</a></td>
<td class="nump">11,053<span></span>
</td>
<td class="nump">11,508<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<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">33,416<span></span>
</td>
<td class="nump">31,381<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesPayable', window );">Notes payable</a></td>
<td class="num">(9,159)<span></span>
</td>
<td class="num">(9,853)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<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">(7,052)<span></span>
</td>
<td class="num">(6,584)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Shareholders' equity/partners capital</a></td>
<td class="num">(40,661)<span></span>
</td>
<td class="num">(39,982)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenue</a></td>
<td class="nump">13,414<span></span>
</td>
<td class="nump">13,626<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation</a></td>
<td class="num">(351)<span></span>
</td>
<td class="num">(364)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<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">(12,342)<span></span>
</td>
<td class="num">(12,815)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
<td class="num">(141)<span></span>
</td>
<td class="num">(156)<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_IncomeLossFromContinuingOperations', window );">Income (loss) from continuing operations</a></td>
<td class="nump">580<span></span>
</td>
<td class="nump">291<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_NetIncomeLoss', window );">Net income (loss) attributable to American Realty Investors, Inc.</a></td>
<td class="nump">580<span></span>
</td>
<td class="nump">291<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<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 20% proportionate share of earnings</a></td>
<td class="nump">$ 116<span></span>
</td>
<td class="nump">$ 58<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationAndAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&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_DepreciationAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</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://fasb.org/us-gaap/role/ref/legacyRef<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=108774443&amp;loc=SL4613673-111683<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=SL5780133-109256<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22595-107794<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=120395209&amp;loc=SL114868664-224227<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&amp;loc=d3e3602-108585<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22583-107794<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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_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>Amount of income (loss) for proportionate share of equity method investee's income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=120395209&amp;loc=SL114868664-224227<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400993&amp;loc=SL114874131-224263<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&amp;loc=d3e3602-108585<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(13)(f))<br> -URI http://asc.fasb.org/extlink&amp;oid=120399700&amp;loc=SL114874048-224260<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (g)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<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=109237563&amp;loc=d3e33749-111570<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=119993939&amp;loc=d3e28555-108399<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (210.5-03(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=120399700&amp;loc=SL114874048-224260<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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_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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121641772&amp;loc=SL7669619-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<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=120311839&amp;loc=d3e8924-108599<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 4: 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-SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br><br>Reference 18: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22583-107794<br><br>Reference 19: http://www.xbrl.org/2003/role/disclosureRef<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(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 20: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (a)<br> -URI 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<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_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://fasb.org/us-gaap/role/ref/legacyRef<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=120400017&amp;loc=d3e572229-122910<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=120398452&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_NotesReceivableNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 326<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121599337&amp;loc=SL82919230-210447<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<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))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=121593590&amp;loc=d3e4428-111522<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NotesReceivableNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=120398452&amp;loc=d3e534808-122878<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=120400017&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_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://fasb.org/us-gaap/role/ref/legacyRef<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=120398452&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_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://fasb.org/us-gaap/role/ref/legacyRef<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=120400017&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_Revenues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<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=120311839&amp;loc=d3e9031-108599<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 41<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e9038-108599<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<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=120311839&amp;loc=d3e9054-108599<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<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(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 235<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-05(b)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=120399901&amp;loc=d3e537907-122884<br><br>Reference 13: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Revenues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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/2009/role/commonPracticeRef<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(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&amp;loc=d3e13212-122682<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&amp;loc=d3e13212-122682<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&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_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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=arl_GruppaFlorentinaLlcMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=arl_GruppaFlorentinaLlcMember</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>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6805028672">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>BONDS AND BONDS INTEREST PAYABLE (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</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_DeferredFinanceCostsNet', window );">Less: deferred bond issuance costs</a></td>
<td class="num">$ (7,189)<span></span>
</td>
<td class="num">$ (7,342)<span></span>
</td>
</tr>
<tr class="ro">
<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">849<span></span>
</td>
<td class="nump">779<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_NonconvertibleDebenturesMember', window );">Bonds (Series A) [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_BondsPayable', window );">Total outstanding bonds</a></td>
<td class="nump">78,541<span></span>
</td>
<td class="nump">92,653<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_NonconvertibleDebentures1Member', window );">Bonds (Series B) [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_BondsPayable', window );">Total outstanding bonds</a></td>
<td class="nump">38,626<span></span>
</td>
<td class="nump">39,844<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_BondsSeriesBExpansionMember', window );">Bonds (Series B expansion) [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_BondsPayable', window );">Total outstanding bonds</a></td>
<td class="nump">20,281<span></span>
</td>
<td class="nump">20,920<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_NonconvertibleDebentures2Member', window );">Bonds (Series C) [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_BondsPayable', window );">Total outstanding bonds</a></td>
<td class="nump">77,139<span></span>
</td>
<td class="nump">79,572<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_BondsPayableMember', window );">Bonds [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_BondsPayable', window );">Total outstanding bonds</a></td>
<td class="nump">214,587<span></span>
</td>
<td class="nump">232,989<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredFinanceCostsNet', window );">Less: deferred bond issuance costs</a></td>
<td class="num">(8,946)<span></span>
</td>
<td class="num">(9,724)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_TotalOutstandingBondsNet', window );">Total outstanding bonds, net</a></td>
<td class="nump">205,641<span></span>
</td>
<td class="nump">223,265<span></span>
</td>
</tr>
<tr class="re">
<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">2,191<span></span>
</td>
<td class="nump">6,457<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_TotalOustandingBondsNetAndAccruredInterest', window );">Total oustanding bonds, net and accrued interest</a></td>
<td class="nump">$ 207,832<span></span>
</td>
<td class="nump">$ 229,722<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_BondsPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>It represents bonds.</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_BondsPayable</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_TotalOustandingBondsNetAndAccruredInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 oustanding bonds, net and accrured 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_TotalOustandingBondsNetAndAccruredInterest</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_TotalOutstandingBondsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>It represents bonds.</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_TotalOutstandingBondsNet</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_DeferredFinanceCostsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 issuance costs. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=119993939&amp;loc=d3e28555-108399<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_DeferredFinanceCostsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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://fasb.org/us-gaap/role/ref/legacyRef<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=120398452&amp;loc=d3e534808-122878<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=120400017&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_DebtInstrumentAxis=arl_NonconvertibleDebenturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_NonconvertibleDebenturesMember</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_DebtInstrumentAxis=arl_NonconvertibleDebentures1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_NonconvertibleDebentures1Member</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_DebtInstrumentAxis=arl_BondsSeriesBExpansionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_BondsSeriesBExpansionMember</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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=arl_NonconvertibleDebentures2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_NonconvertibleDebentures2Member</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>
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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_DebtInstrumentAxis=arl_BondsPayableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_BondsPayableMember</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>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6810409104">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INVESTMENT IN VAA (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2020</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 the financial position and results of operations of VAA</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>

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 90%; margin-left: 5.4pt; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="6" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>For the period ended March 31,</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"><b>&#160;</b></td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2020</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2019</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="border-bottom: black 1pt solid; width: 37%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"><b>Balance Sheet</b></td>
    <td style="width: 34%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"><b>&#160;</b></td>
    <td style="width: 2%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Net real estate assets</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,239,252</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,257,557</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Other assets</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">48,968</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">67,020</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Debt, net</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(834,826</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(796,065</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Other liabilities</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(261,620</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(275,448</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Total equity</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(191,774</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(253,064</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 90%; margin-left: 5.4pt; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="6" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"><b>For the Three Months Ended March 31, </b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2020</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2019</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="border-bottom: black 1pt solid; width: 37%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"><b>Results of Operations</b></td>
    <td style="width: 34%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"><b>&#160;</b></td>
    <td style="width: 2%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Total revenue</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 29,660</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 27,401</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Total property, operating, and maintenance expenses</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(13,842</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(14,169</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Interest expense</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(15,074</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(15,070</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Depreciation and Amortization</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(7,657</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(15,233</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Total other expense</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(982</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(675</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Net loss</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (7,895</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (17,746</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.1pt; text-align: justify; text-indent: -55.1pt">Below
is a reconciliation of our allocation of income or loss from VAA.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.1pt; text-align: justify; text-indent: -55.1pt">&#160;</p>

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 90%; margin-left: 5.4pt; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="6" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>For the Three Months Ended March 31, </b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2020</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2019</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="width: 71%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">VAA net loss</td>
    <td style="width: 2%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (7,895</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 11%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (17,746</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Adjustments to reconcile to income (loss) from VAA</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Interest expense on mezzanine loan</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">5,873</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">6,089</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">In-place lease intangibles - amortization expense</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#8212;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">8,336</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Depreciation basis differences</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">1,270</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">1,211</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Net loss</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (752</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (2,110</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Percentage ownership in VAA</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">50</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">%</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">50</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">%</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Loss from VAA</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (376</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (1,055</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</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_EquityMethodInvestmentsAndJointVenturesAbstract</td>
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<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://fasb.org/us-gaap/role/ref/legacyRef<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=114001798&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_EquityMethodInvestmentsTextBlock</td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6823628160">
<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>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Mar. 31, 2019</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_Revenues', window );">Rental and other property revenues</a></td>
<td class="nump">$ 11,918<span></span>
</td>
<td class="nump">$ 11,929<span></span>
</td>
</tr>
<tr class="ro">
<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">6,310<span></span>
</td>
<td class="nump">5,997<span></span>
</td>
</tr>
<tr class="re">
<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">2,795<span></span>
</td>
<td class="nump">2,480<span></span>
</td>
</tr>
<tr class="ro">
<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">5,754<span></span>
</td>
<td class="nump">6,153<span></span>
</td>
</tr>
<tr class="re">
<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">9,602<span></span>
</td>
<td class="nump">9,968<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 Parties [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_Revenues', window );">Rental and other property revenues</a></td>
<td class="nump">221<span></span>
</td>
<td class="nump">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_DirectCostsOfLeasedAndRentedPropertyOrEquipment', window );">Property operating expenses</a></td>
<td class="nump">242<span></span>
</td>
<td class="nump">257<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative</a></td>
<td class="nump">1,133<span></span>
</td>
<td class="nump">1,597<span></span>
</td>
</tr>
<tr class="ro">
<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">5,031<span></span>
</td>
<td class="nump">5,881<span></span>
</td>
</tr>
<tr class="re">
<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">$ 1,915<span></span>
</td>
<td class="nump">$ 2,307<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_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 by lessor from operating lease of rented property and 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/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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>
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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>
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<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://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of 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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 20<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120520924&amp;loc=SL6036836-161870<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" 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> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<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 );">- 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://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=120395209&amp;loc=SL114868664-224227<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</tr>
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<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 recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p></div>
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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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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6812206320">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cover - shares<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<th class="th"><div>Mar. 31, 2020</div></th>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
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<td class="nump">15,997,076<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fiscal period values are FY, Q1, Q2, and Q3.  1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<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 end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The 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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<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 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<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>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</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>
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<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>
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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>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript: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 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</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> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-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>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</p></div>
<a href="javascript: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 S-T<br> -Number 232<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_EntityInteractiveDataCurrent</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>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 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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>
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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>Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.</p></div>
<a href="javascript: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 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicates that the company is a Smaller Reporting Company (SRC).</p></div>
<a href="javascript: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 12<br> -Subsection b-2<br></p></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;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6647214512">
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<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">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2020</div></th></tr>
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<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>NOTE 12. COMMITMENTS, CONTINGENCIES, AND LIQUIDITY</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><b>Liquidity.</b></i>
        </b><i>&#160;</i>Management believes that ARL will generate excess cash flow from property operations in 2020; such excess, however, will not be sufficient to discharge all of ARL&#x2019;s obligations as they became due. Management intends to sell land and income-producing real estate, refinance real estate and obtain additional borrowings primarily secured by real estate to meet its liquidity requirements.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><b>Partnership Buyouts</b></i>.</b> 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="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><b>Litigation.</b></i>
        </b><i>&#160;</i>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="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><b>Guarantees.</b></i>
        </b><i>&#160;</i>The Company is the primary guarantor on a $24.3 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 March 31, 2020 UHF was in compliance with the covenants to the loan agreement.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>ART and ART Midwest, Inc.</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">A formerly owned entity (American Realty Trust, Inc.) and its former subsidiary (ART Midwest, Inc.) have been parties&#160; to a 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. Subsequently, the trial court recalculated the damage award, reducing it to approximately $59 million, inclusive of actual damages and then current interest. 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="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The Clapper Parties subsequently filed a new lawsuit against ARI, its subsidiary EQK Holdings, Inc. &#x201C;EQK&#x201D;, and ART. The Clapper Parties seek damages from ARL for payment by ART to ARL of ART&#x2019;s stock in EQK in exchange for a release of the Antecedent Debt owed by ART to ARI. In February 2018 the court determined that this legal matter should not have been filed in federal court and therefore granted motions to dismiss on jurisdictional grounds. In June 2018, the court overruled its own grant of motions to dismiss and reinstated the case. We continue to vigorously defend the case and management believes it has defenses to the claims. The case has not been set for trial.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">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 lifted. The trial court subsequently dismissed the case on procedural grounds, but ART filed a notice of appeal. The appeal was heard in February 2018 and the case was subsequently appealed to the Texas Supreme Court. The Application for Review was denied by the Texas Supreme Court and the denial was appealed by a Motion for Rehearing. The Court denied the Motion for Rehearing in May 2020.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">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 the note at zero.</p>

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

    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>Dynex Capital, Inc.</b></p>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">On July 20, 2015, the 68<sup>th</sup>&#160;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="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The Final Judgment entered against Dynex Commercial, Inc. on July 20, 2015 awarded Basic was $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 was $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 was $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 were paid. Lastly, the Judgement awarded Basic, ART, and TCI was $1.6 million collectively in attorneys&#x2019; fees from Dynex Commercial, Inc.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">TCI is working with counsel to identify assets and collect on the Final Judgment against Dynex Commercial, Inc., as well as pursue additional claims, if any, against Dynex Capital, Inc. Post judgment interest continues to accrue.&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>Berger Litigation</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">On February 4, 2019, an individual claiming to be a stockholder holding 7,900 shares of Common Stock of Income Opportunity Realty Investors, Inc. (&#x201C;IOR&#x201D;) filed a Complaint in the United States District Court for the Northern District of Texas, Dallas Division, individually and allegedly derivatively on behalf of IOR, against Transcontinental Realty Investors, Inc. (&#x201C;TCI&#x201D;), American Realty Investors, Inc. (&#x201C;ARL&#x201D;), (TCI is a shareholder of IOR, ARL is a shareholder of TCI) Pillar Income Asset Management, Inc. (&#x201C;Pillar&#x201D;), ( collectively the &#x201C;Companies&#x201D;), certain officers and directors of the Companies (&#x201C;Additional Parties&#x201D;) and two other individuals. The Complaint filed alleges that the sale and/or exchange of certain tangible and intangible property between the Companies and IOR during the last ten years of business operations constitutes a breach of fiduciary duty by the one or more of Companies, the Additional Defendants and/or the directors of IOR. The case alleges other related claims. The Plaintiff seeks certification as a representative of IOR and all of its shareholders, unspecified damages, a return to IOR of various funds and an award of costs, expenses, disbursements (including Plaintiff&#x2019;s attorneys&#x2019; fees) and prejudgment and post-judgment interest. The named Defendants intend to vigorously defend the action, deny all of the allegations of the Complaint, and believe the allegations to be wholly without any merit. The Defendants have filed motions to dismiss the case in its entirety in June 2019 which are currently still pending. The named Defendants intend to vigorously defend the action, deny all of the allegations of the Complaint, and believe the allegations to be wholly without any merit. On February 26, 2020, the Court denied IOR&#x2019;s demand futility motion. The remaining Defendants filed motions to dismiss the case in its entirety in June 2019. The motions were granted in part and denied in part in the first quarter of 2020. Discovery is expected to begin in May of 2020.</p><span></span>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6646406400">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ORGANIZATION AND BASIS OF PRESENTATION<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2020</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_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock', window );">ORGANIZATION AND BASIS OF PRESENTATION</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Organization</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">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. 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;). Over 90% of ARL&#x2019;s stock is owned by related party entities.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">ARL and a subsidiary own approximately 78.38% of the outstanding shares of common stock of Transcontinental Realty Investors, Inc. (&#x201C;TCI&#x201D;), a Nevada corporation, whose common stock is traded on the NYSE under the symbol (&#x201C;TCI&#x201D;). TCI, a subsidiary of ARL, owns approximately 81.15% of the common stock of Income Opportunity Realty Investors, Inc. (&#x201C;IOR&#x201D;). Effective July 17, 2009, IOR&#x2019;s financial results were consolidated with those of ARL and TCI and their subsidiaries. IOR&#x2019;s common stock is traded on the NYSE American under the symbol (&#x201C;IOR&#x201D;).</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">ARL&#x2019;s Board of Directors is responsible for directing the overall affairs of ARL and for setting the strategic policies that guide the Company. As of April 30, 2011, the Board of Directors delegated the day-to-day management of the Company to Pillar Income Asset Management, Inc. (&#x201C;Pillar&#x201D;), a Nevada corporation, under a written Advisory Agreement that is reviewed annually by ARL&#x2019;s Board of Directors. The directors of ARL are also directors of TCI and IOR. The Chairman of the Board of Directors of ARL also serves as the Chairman of the Board of Directors of TCI and IOR. The officers of ARL also serve as officers of TCI, IOR and Pillar.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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. (&#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. 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. 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. Pillar also serves as an Advisor and Cash Manager to TCI and IOR.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Southern Properties Capital Ltd. a British Virgin Island corporation (&#x201C;Southern&#x201D; or &#x201C;SPC&#x201D;), is a wholly owned subsidiary of TCI that was incorporated on August 16, 2016 for the purpose of raising funds by issuing debentures that cannot be converted into shares on the Tel-Aviv Stock Exchange (&#x201C;TASE&#x201D;). Southern operates in the United States and is primarily involved in investing in, developing, constructing and operating income-producing properties of multi-family residential real estate assets. Southern is included in the consolidated financial statements of TCI.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">On January 1, 2012, the Company&#x2019;s subsidiary, TCI, entered into a development agreement with Unified Housing Foundation, Inc. (&#x201C;UHF&#x201D;) a non-profit corporation that provides management services for the development of residential apartment projects in the future. This development agreement was terminated December 31, 2013. The Company has also invested in surplus cash notes receivables from UHF and has sold several residential apartment properties to UHF in prior years. Due to this ongoing relationship and the significant investment in the performance of the collateral secured under the notes receivable, UHF has been determined to be a related party.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">On November 19, 2018, TCI executed an agreement between the Macquarie Group (&#x201C;Macquarie&#x201D;) and SPC and TCI to create a joint venture, Victory Abode Apartments, LLC (&#x201C;VAA&#x201D;) to address existing and future demand for quality multifamily residential housing through acquisition and development of sustainable Class A multifamily housing in focused secondary and tertiary markets. In connection with the formation of the joint venture, SPC and TCI contributed a portfolio of 49 income producing apartment complexes, and 3 development projects in various stages of construction and received cash consideration of $236.8 million. At the time of the transfer of the properties, the joint venture assumed all liabilities of those properties, including mortgage debt to the Department of Housing and Urban Development (&#x201C;HUD&#x201D;).</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">VAA is equally owned and controlled by Abode JVP, LLC, a wholly-owned subsidiary of SPC and Summerset Intermediate Holdings 2 LLC (&#x201C;Summerset&#x201D;), a wholly-owned indirect subsidiary of Macquarie.&#160; Pursuant to the Agreement, Abode JVP, LLC and Summerset each own voting and profit participation rights of 50% and 49%, respectively (&#x201C;Class A Members&#x201D;).&#160; The remaining 2% of the profit participation interest is held by Daniel J. Moos ARL&#x2019;s President and Chief Executive Officer (&#x201C;Class B Member&#x201D;) who also serves as the Manager of the joint venture.&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>Properties</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">At March 31, 2020, our portfolio of income-producing properties consisted of:</p>
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                <p style="font: 10pt Times New Roman, Times, Serif; margin: 0px; text-align: justify; text-indent: 0px">Ten residential apartment communities owned directly by us comprising in 1,657 units, excluding apartments being developed;</p>
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                <p style="font: 10pt Times New Roman, Times, Serif; margin: 0px; text-align: justify; text-indent: 0px">Approximately 1,982 acres of developed and undeveloped land; and</p>
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                <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; margin-bottom: 0pt; margin-top: 0pt; text-align: justify">Fifty-one residential apartment communities totaling 10,137 units owned by our 50% owned investee VAA.</p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows.  Describes procedure if disclosures are provided in more than one note to the financial statements.</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6642233504">
<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">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2020</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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_ScheduleOfFinancialPositionAndResultsOfOperationsUnconsolidatedParentTabletextBlock', window );">Schedule for summary 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
position and results of operations as of March 31, 2020 and 2019 from our investees (dollars in thousands):</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal">
    <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="6" style="border-bottom: black 1pt solid; font-weight: bold; line-height: normal; text-align: center; font-size-adjust: none; font-stretch: normal">For the period ended March 31,</td>
    <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td></tr>
<tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal">
    <td style="font-weight: bold; line-height: normal; font-size-adjust: none; font-stretch: normal">SUMMARY OF FINANCIAL POSITION:</td>
    <td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; line-height: normal; text-align: center; font-size-adjust: none; font-stretch: normal">2020</td>
    <td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; line-height: normal; text-align: center; font-size-adjust: none; font-stretch: normal">2019</td>
    <td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td></tr>
<tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="line-height: normal; width: 66%; text-align: left; font-size-adjust: none; font-stretch: normal">Real estate, net of accumulated depreciation</td>
    <td style="line-height: normal; width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal">$</td>
    <td style="line-height: normal; width: 14%; text-align: right; font-size-adjust: none; font-stretch: normal">12,403</td>
    <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal">$</td>
    <td style="line-height: normal; width: 14%; text-align: right; font-size-adjust: none; font-stretch: normal">13,530</td>
    <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td></tr>
<tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: white">
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">Notes receivable</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">11,053</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">11,508</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td></tr>
<tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">Other assets</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">33,416</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">31,381</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td></tr>
<tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: white">
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">Notes payable</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">(9,159</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">)</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">(9,853</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">)</td></tr>
<tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">Other liabilities</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">(7,052</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">)</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">(6,584</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">)</td></tr>
<tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: white">
    <td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">Shareholders&#8217; equity/partners capital</td>
    <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">(40,661</td>
    <td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">)</td>
    <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">(39,982</td>
    <td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">)</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal">
    <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="6" style="border-bottom: black 1pt solid; font-weight: bold; line-height: normal; text-align: center; font-size-adjust: none; font-stretch: normal">For the three months ended March 31,</td>
    <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td></tr>
<tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal">
    <td style="font-weight: bold; line-height: normal; font-size-adjust: none; font-stretch: normal">SUMMARY OF OPERATIONS:</td>
    <td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; line-height: normal; text-align: center; font-size-adjust: none; font-stretch: normal">2020</td>
    <td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; line-height: normal; text-align: center; font-size-adjust: none; font-stretch: normal">2019</td>
    <td style="font-weight: bold; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td></tr>
<tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="line-height: normal; width: 66%; font-size-adjust: none; font-stretch: normal">Revenue</td>
    <td style="line-height: normal; width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal">$</td>
    <td style="line-height: normal; width: 14%; text-align: right; font-size-adjust: none; font-stretch: normal">13,414</td>
    <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal">$</td>
    <td style="line-height: normal; width: 14%; text-align: right; font-size-adjust: none; font-stretch: normal">13,626</td>
    <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td></tr>
<tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: white">
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">Depreciation</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">(351</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">)</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">(364</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">)</td></tr>
<tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">Operating expenses</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">(12,342</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">)</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">(12,815</td>
    <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">)</td></tr>
<tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: white">
    <td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">Interest expense</td>
    <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">(141</td>
    <td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">)</td>
    <td style="border-bottom: black 1pt solid; line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">(156</td>
    <td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">)</td></tr>
<tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">Income (loss) from continuing operations</td>
    <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">$</td>
    <td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">580</td>
    <td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">$</td>
    <td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">291</td>
    <td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td></tr>
<tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: white">
    <td style="line-height: normal; text-align: left; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal">Net income (loss)</td>
    <td style="line-height: normal; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 2.5pt double; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">$</td>
    <td style="border-bottom: black 2.5pt double; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">580</td>
    <td style="line-height: normal; text-align: left; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 2.5pt double; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">$</td>
    <td style="border-bottom: black 2.5pt double; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">291</td>
    <td style="line-height: normal; text-align: left; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal">&#160;</td></tr>
<tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">Company&#8217;s 20% proportionate share of earnings</td>
    <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">$</td>
    <td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">116</td>
    <td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">$</td>
    <td style="border-bottom: black 1pt solid; line-height: normal; text-align: right; font-size-adjust: none; font-stretch: normal">58</td>
    <td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal">&#160;</td></tr>
</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_ScheduleOfFinancialPositionAndResultsOfOperationsUnconsolidatedParentTabletextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_ScheduleOfFinancialPositionAndResultsOfOperationsUnconsolidatedParentTabletextBlock</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>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_EquityMethodInvestmentsAndJointVenturesAbstract</td>
</tr>
<tr>
<td style="padding-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>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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</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">
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6828174544">
<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">3 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 170,918<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancingReceivableAllowanceForCreditLosses', window );">Allowance for estimated losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(12,557)<span></span>
</td>
<td class="num">$ (13,099)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesReceivableNet', window );">Total notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">158,361<span></span>
</td>
<td class="nump">$ 156,200<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_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="re">
<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 and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">11,637<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<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">170,918<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_FinancingReceivableAllowanceForCreditLosses', window );">Allowance for estimated losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(12,557)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesReceivableNet', window );">Total notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 158,361<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_ProspectusEndeavorsFourLLCMember', window );">Prospectus Endeavors 4, LLC [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Prospectus Endeavors 4, LLC<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Jan. 31,  2023<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_srt_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_NotesReceivableGross', window );">Notes and interest receivable</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="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">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_ProspectusEndeavorsSixLLCMember', window );">Prospectus Endeavors 6, LLC [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Prospectus Endeavors 6, LLC<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Oct. 31,  2022<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_srt_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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 496<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">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_OulanChikhFamilyTrustMember', window );">Oulan-Chikh Family Trust [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Oulan-Chikh Family Trust<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_srt_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="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_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="re">
<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 and interest receivable</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="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">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_H198LLCMcKinneyRanchLandMember', window );">H198, LLC (McKinney Ranch Land) [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">H198, LLC (McKinney Ranch Land)<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Sep. 30,  2020<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_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">6.00%<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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 4,554<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">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_ForestPinesMember', window );">Forest Pines [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Forest Pines phase I<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Nov. 30,  2020<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_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5.00%<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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 2,869<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">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_SpyglassApartmentsofEnnisLPMember', window );">Spyglass Apartments of Ennis, LP [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Spyglass Apartments of Ennis, LP<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Nov. 30,  2020<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_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5.00%<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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 5,335<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">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_BellwetherRidgeMember', window );">Bellwether Ridge [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Bellwether Ridge<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">May 31,  2020<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_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5.00%<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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 3,853<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">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_ParcatWindmillFarmsMember', window );">Parc at Windmill Farms [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Parc at Windmill Farms<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">May 31,  2020<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_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5.00%<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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 7,697<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">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_AutumnBreezeMember', window );">Autumn Breeze [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Autumn Breeze Apts<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Oct. 31,  2021<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_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5.00%<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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 1,414<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">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_PlumTreeMember', window );">Plum Tree [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Plum Tree<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Oct. 31,  2021<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_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5.00%<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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 492<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">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_InglesideMember', window );">Parc at Ingleside [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Parc at Ingleside<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec. 31,  2021<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_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5.00%<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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 1,827<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">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_RNCRevolvingLineOfCreditMember', window );">RNC Revolving Line Of Credit [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">RNC Revolving Line of Credit<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Sep. 30,  2024<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_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5.00%<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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 8,851<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">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_SteepleCrestMember', window );">Steeple Crest [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Steeple Crest<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Oct. 31,  2020<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_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5.00%<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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 6,665<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Description of Security</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_RAIPFBL2018PurchFeeNoteWeatherfordMember', window );">RAI PFBL 2018 Purch Fee Note Weatherford [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">RAI PFBL 2018 Purch Fee Note Weatherford<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec. 31,  2021<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_srt_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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 525<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">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncKensingtonParkMember', window );">Unified Housing Foundation, Inc. (Echo Station) [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Unified Housing Foundation, Inc. (Echo Station)<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 1,481<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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>[1]</sup></td>
<td class="text">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncLakeshoreVillasMember', window );">Unified Housing Foundation, Inc. (Inwood on the Park) [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Unified Housing Foundation, Inc. (Inwood on the Park)<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 3,639<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>[1]</sup></td>
<td class="text">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncLakeshoreVillas1Member', window );">Unified Housing Foundation, Inc. (Kensington Park) [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Unified Housing Foundation, Inc. (Kensington Park)<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</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>[1]</sup></td>
<td class="text">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncLimestoneRanch1Member', window );">Unified Housing Foundation, Inc. (Lakeshore Villas) [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Unified Housing Foundation, Inc. (Lakeshore Villas)<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 2,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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>[1]</sup></td>
<td class="text">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncLimestoneRanch2Member', window );">Unified Housing Foundation, Inc. (Lakeshore Villas) [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Unified Housing Foundation, Inc. (Lakeshore Villas)<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 6,369<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>[1]</sup></td>
<td class="text">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember', window );">Unified Housing Foundation, Inc. (Lakeshore Villas) [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Unified Housing Foundation, Inc. (Lakeshore Villas)<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 2,732<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>[1]</sup></td>
<td class="text">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIIMember', window );">Unified Housing Foundation, Inc. (Limestone Ranch) [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Unified Housing Foundation, Inc. (Limestone Ranch)<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</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>[1]</sup></td>
<td class="text">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI2Member', window );">Unified Housing Foundation, Inc. (Limestone Ranch) [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Unified Housing Foundation, Inc. (Limestone Ranch)<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 2,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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>[1]</sup></td>
<td class="text">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI3Member', window );">Unified Housing Foundation, Inc. (Limestone Ranch) [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Unified Housing Foundation, Inc. (Limestone Ranch)<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 4,000<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>[1]</sup></td>
<td class="text">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncTrailsatWhiteRockMember', window );">Unified Housing Foundation, Inc. (Timbers of Terrell) [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Unified Housing Foundation, Inc. (Timbers of Terrell)<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 1,323<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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>[1]</sup></td>
<td class="text">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationInc4Member', window );">Unified Housing Foundation, Inc. [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Unified Housing Foundation, Inc.<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Dec. 31,  2021<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_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 10,401<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>[1]</sup></td>
<td class="text">Unsecured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationInc5Member', window );">Unified Housing Foundation, Inc. [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Unified Housing Foundation, Inc.<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Jun. 30,  2020<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_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 5,314<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>[1]</sup></td>
<td class="text">Unsecured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationInc6Member', window );">Unified Housing Foundation, Inc. [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Unified Housing Foundation, Inc.<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Mar. 31,  2022<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_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 4,782<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>[1]</sup></td>
<td class="text">Unsecured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncLimestoneRanc42Member', window );">Unified Housing Foundation, Inc. (Lakeshore Villas) [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Unified Housing Foundation, Inc. (Lakeshore Villas)<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Jul. 31,  2021<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_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 838<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>[1]</sup></td>
<td class="text">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI5Member', window );">Unified Housing Foundation, Inc. (Limestone Ranch) [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Unified Housing Foundation, Inc. (Limestone Ranch)<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Jul. 31,  2021<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_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 773<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>[1]</sup></td>
<td class="text">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI6Member', window );">Unified Housing Foundation, Inc. (Marquis at Vista Ridge) [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Unified Housing Foundation, Inc. (Marquis @ Vista Ridge)<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Jul. 31,  2021<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_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 839<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>[1]</sup></td>
<td class="text">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI7Member', window );">Unified Housing Foundation, Inc. (Timbers at the Park) [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Unified Housing Foundation, Inc. (Timbers at the Park)<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Jul. 31,  2021<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_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 432<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>[1]</sup></td>
<td class="text">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI9Member', window );">Unified Housing Foundation, Inc. (Bella Vista) [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Unified Housing Foundation, Inc. (Bella Vista)<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Aug. 31,  2021<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_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 212<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>[1]</sup></td>
<td class="text">Secured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationInc7Member', window );">Unified Housing Foundation, Inc. [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Unified Housing Foundation, Inc.<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Oct. 31,  2021<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_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 6,832<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>[1]</sup></td>
<td class="text">Unsecured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationInc8Member', window );">Unified Housing Foundation, Inc. [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Unified Housing Foundation, Inc.<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 497<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>[1]</sup></td>
<td class="text">Unsecured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationInc9Member', window );">Unified Housing Foundation, Inc. [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Unified Housing Foundation, Inc.<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Mar. 31,  2023<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_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 61<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>[1]</sup></td>
<td class="text">Unsecured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationInc10Member', window );">Unified Housing Foundation, Inc. [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Unified Housing Foundation, Inc.<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Mar. 31,  2023<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_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 1,482<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>[1]</sup></td>
<td class="text">Unsecured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationInc11Member', window );">Unified Housing Foundation, Inc. [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Unified Housing Foundation, Inc.<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Mar. 31,  2023<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_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 4,792<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>[1]</sup></td>
<td class="text">Unsecured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationInc12Member', window );">Unified Housing Foundation, Inc. [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Unified Housing Foundation, Inc.<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Mar. 31,  2023<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_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 716<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>[1]</sup></td>
<td class="text">Unsecured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationInc13Member', window );">Unified Housing Foundation, Inc. [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Unified Housing Foundation, Inc.<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Mar. 31,  2023<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_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 317<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>[1]</sup></td>
<td class="text">Unsecured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_LoansReceivable1Member', window );">Realty Advisors Mgmt [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Realty Advisors Management, Inc.<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Dec. 31,  2022<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_srt_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 20,387<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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>[1]</sup></td>
<td class="text">Unsecured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=us-gaap_LoansReceivableMember', window );">One Realco Corp [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">One Realco Corporation<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_srt_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Jan. 31,  2023<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_srt_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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></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">Unsecured<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_OtherRelatedPartyNotesMember', window );">Other Related Party Notes [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="text">Other related party notes<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_MortgageLoanOnRealEstateFinalMaturityDateDescription', window );">Description of maturity date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</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>[1],[2]</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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">$ 1,825<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>[1],[2]</sup></td>
<td class="text">Various secured interests<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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_OtherNonRelatedPartyNotesMember', window );">Other Non-Related Party Notes [Member] | 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Other non-related party notes<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_MortgageLoanOnRealEstateFinalMaturityDateDescription', 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_NotesReceivableGross', window );">Notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 11,692<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">Various secured interests<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Related party notes.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">An allowance was taken for estimated losses at full value of note.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to description of collateral.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_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_arl_DescriptionOfProperty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_DescriptionOfProperty</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_MortgageLoanOnRealEstateFinalMaturityDateDescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of 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_MortgageLoanOnRealEstateFinalMaturityDateDescription</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_srt_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>Maturity date of mortgage loan within investment in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in 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/disclosureRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 12<br> -Paragraph Column C<br> -Subsection 29<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<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(Column C))<br> -URI http://asc.fasb.org/extlink&amp;oid=120402547&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;">srt_MortgageLoanOnRealEstateFinalMaturityDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>srt_</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_srt_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>Interest rate of mortgage loan within investment in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in 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/disclosureRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 12<br> -Paragraph Column B<br> -Subsection 29<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<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(Column B))<br> -URI http://asc.fasb.org/extlink&amp;oid=120402547&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;">srt_MortgageLoansOnRealEstateInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>srt_</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_FinancingReceivableAllowanceForCreditLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11B<br> -Subparagraph (c)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=121611835&amp;loc=SL6953423-111524<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<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(7)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 326<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=121599878&amp;loc=SL82895884-210446<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 326<br> -SubTopic 20<br> -Section 50<br> -Paragraph 13<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121599337&amp;loc=SL82919249-210447<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 326<br> -SubTopic 20<br> -Section 50<br> -Paragraph 13<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=121599337&amp;loc=SL82919249-210447<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancingReceivableAllowanceForCreditLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_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://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&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_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, before allowance for credit loss, of financing 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/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 326<br> -SubTopic 20<br> -Section 55<br> -Paragraph 79<br> -URI http://asc.fasb.org/extlink&amp;oid=121647567&amp;loc=SL82922352-210448<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 326<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121599337&amp;loc=SL82919230-210447<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 326<br> -SubTopic 20<br> -Section 55<br> -Paragraph 80<br> -URI http://asc.fasb.org/extlink&amp;oid=121647567&amp;loc=SL82922355-210448<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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_NotesReceivableNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 326<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121599337&amp;loc=SL82919230-210447<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<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))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=121593590&amp;loc=d3e4428-111522<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NotesReceivableNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_ProspectusEndeavorsFourLLCMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_ProspectusEndeavorsFourLLCMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_ProspectusEndeavorsSixLLCMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_ProspectusEndeavorsSixLLCMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_OulanChikhFamilyTrustMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_OulanChikhFamilyTrustMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_H198LLCMcKinneyRanchLandMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_H198LLCMcKinneyRanchLandMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_ForestPinesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_ForestPinesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_SpyglassApartmentsofEnnisLPMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_SpyglassApartmentsofEnnisLPMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_BellwetherRidgeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_BellwetherRidgeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_ParcatWindmillFarmsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_ParcatWindmillFarmsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_AutumnBreezeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_AutumnBreezeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_PlumTreeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_PlumTreeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_InglesideMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_InglesideMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_RNCRevolvingLineOfCreditMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_RNCRevolvingLineOfCreditMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_SteepleCrestMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_SteepleCrestMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_RAIPFBL2018PurchFeeNoteWeatherfordMember">
<tr><td class="hide"><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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<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_RAIPFBL2018PurchFeeNoteWeatherfordMember</td>
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<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncKensingtonParkMember</td>
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<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI2Member</td>
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<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseI3Member</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 style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationInc4Member</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>na</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6824140256">
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<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">3 Months Ended</th>
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    <td style="width: 77%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Related party receivable, December 31, 2019</td>
    <td style="width: 3%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 3%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 16%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">85,996</td>
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(2,287</td>
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Net income fee</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(86</td>
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Cost reimbursements</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(1,118</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
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    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">1,103</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
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    <td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Notes receivable purchased</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(7,368</td>
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">21</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Financing (mortgage payments)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(240</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Intercompany property transfers</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(153</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Related party receivable, March 31, 2020</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsAbstract</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6807871840">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>REAL ESTATE ACTIVITY (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</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">$ 157,753<span></span>
</td>
<td class="nump">$ 156,173<span></span>
</td>
</tr>
<tr class="re">
<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">33,166<span></span>
</td>
<td class="nump">22,363<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RentalProperties', window );">Commercial properties</a></td>
<td class="nump">230,133<span></span>
</td>
<td class="nump">229,424<span></span>
</td>
</tr>
<tr class="re">
<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">61,782<span></span>
</td>
<td class="nump">62,037<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_RealEstateSubjectToSalesContractsAtCost', window );">Real estate subject to sales contract</a></td>
<td class="nump">6,887<span></span>
</td>
<td class="nump">7,966<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, at cost, less impairment</a></td>
<td class="nump">489,721<span></span>
</td>
<td class="nump">477,963<span></span>
</td>
</tr>
<tr class="ro">
<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 deprecation</a></td>
<td class="num">(93,144)<span></span>
</td>
<td class="num">(90,173)<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_RealEstateInvestments', window );">Total real estate, net of depreciation</a></td>
<td class="nump">$ 396,577<span></span>
</td>
<td class="nump">$ 387,790<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_RealEstateSubjectToSalesContractsAtCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 real estate subject to sales contracts at cost.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_RealEstateSubjectToSalesContractsAtCost</td>
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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_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://fasb.org/us-gaap/role/ref/legacyRef<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=120400017&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_DevelopmentInProcess</td>
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<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://fasb.org/us-gaap/role/ref/legacyRef<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=120400017&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>
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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>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<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://fasb.org/us-gaap/role/ref/legacyRef<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=120400017&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>
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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>
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<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>
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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>
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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_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/disclosureRef<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(Column F))<br> -URI http://asc.fasb.org/extlink&amp;oid=120402810&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_RealEstateAccumulatedDepreciation</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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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
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</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://fasb.org/us-gaap/role/ref/legacyRef<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=120400017&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>
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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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<td><strong> Balance Type:</strong></td>
<td>debit</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_RealEstateInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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, 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; (7) other real estate investments; (8) real estate joint ventures; and (9) unconsolidated real estate and other joint ventures not separately presented.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=120400017&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_RealEstateInvestments</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<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>
</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_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://fasb.org/us-gaap/role/ref/legacyRef<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=120400017&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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6812226608">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>BONDS AND BONDS INTEREST PAYABLE<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2020</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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_BondsAndBondsInterestPayableDisclosureTextBlock', window );">BONDS AND BONDS INTEREST PAYABLE</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 8. BONDS AND BONDS INTEREST PAYABLE</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">Following is the outstanding balance of SPC&#8217;s Bonds and
interest payable as of March 31, 2020 and December 31, 2019 (dollars in thousands):</p>

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

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 70%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>March 31,</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>December 31,</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2020</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2019</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="width: 66%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Bonds (Series A)</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 78,541</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 92,653</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Bonds (Series B)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">38,626</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">39,844</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Bonds (Series B expansion)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">20,281</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">20,920</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Bonds (Series C)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">77,139</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">79,572</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"><b>Total outstanding bonds</b></td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 214,587</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 232,989</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Less: deferred bond issuance costs</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(8,946</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(9,724</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"><b>Total outstanding bonds, net</b></td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">205,641</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">223,265</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Accrued Interest</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">2,191</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">6,457</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"><b>Total outstanding bonds, net and accrued interest</b></td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 207,832</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 229,722</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The aggregate maturity of the bonds are as follows:</p>

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

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 70%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>March 31,</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>December 31,</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"><b>Year</b></td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2020</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2019</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="width: 66%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">2020</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 11,220</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 23,148</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">2021</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">34,222</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">35,301</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">2022</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">34,222</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">35,301</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">2023</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">111,361</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">114,873</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">2024</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">11,781</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">12,153</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Thereafter</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">11,781</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 31, 2020, the Company paid
$11.6 million in Series A bond principal and $7.3 million in interests payments in Series A, B and C bonds, respectively.</p><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of bonds and bonds interest 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">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<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;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6802257424">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUPPLEMENTAL CASH FLOW INFORMATION<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2020</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_SupplementalCashFlowElementsAbstract', window );"><strong>Supplemental Cash Flow Elements [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_CashFlowSupplementalDisclosuresTextBlock', window );">SUPPLEMENTAL CASH FLOW INFORMATION</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="background-color: white"><b>NOTE
4. SUPPLEMENTAL CASH FLOW INFORMATION</b></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"><font style="background-color: white">For
the three months ended March 31, 2020 and 2019, the Company paid interest expense of&#160;$13.1 million and $10.9 million, respectively.&#160;</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"><font style="background-color: white">Cash
and cash equivalents, and restricted cash for the three months ended March 31, 2020 and 2019 was $68.1 million and $81.1 million,
respectively. The following is a reconciliation of the Company&#8217;s cash and cash equivalents, and restricted cash to the total
presented in the consolidated statement of cash flows</font></p>

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

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 80%; margin-left: 5.4pt; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="6" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>March 31,</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2020</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="width: 69%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Cash and cash equivalents</td>
    <td style="width: 2%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 12%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 39,946</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 12%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 28,163</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Restricted cash (cash held in escrow)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">14,031</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">34,690</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Restricted cash (certificate of deposits)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">2,854</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">11,876</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Restricted cash (held with Trustee)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">11,273</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">6,398</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Total cash, cash equivalents and restricted cash</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 68,104</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 81,127</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="background-color: white">Amounts
included in restricted cash represent funds set aside to meet contractual obligations with certain financial institutions for
the payment of reserve replacement deposits and tax and insurance escrow. In addition, restricted cash includes funds to the Bond&#8217;s
Trustee for payment of principal and interests.</font></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashFlowSupplementalDisclosuresTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments 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://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -URI http://asc.fasb.org/topic&amp;trid=2134446<br></p></div>
<a href="javascript:void(0);" 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>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>54
<FILENAME>R54.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;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6653429120">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EARNINGS PER SHARE (Details Narrative) - Series A Preferred Stock [Member] - shares<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</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_PreferredStockSharesIssued', window );">Series A Preferred stock, issued (in shares)</a></td>
<td class="nump">1,800,614<span></span>
</td>
<td class="nump">1,800,614<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">614<span></span>
</td>
<td class="nump">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_PreferredStockDividendRatePercentage', window );">Series A Preferred stock, dividend percentage</a></td>
<td class="nump">10.00%<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_PercentageOfAverageDailyClosingPriceOfCommonStock', window );">Percentage of the average daily closing price of common stock</a></td>
<td class="nump">90.00%<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_NumberOfTradingDays', window );">Number of trading days</a></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 );">ARL and Subsidiaries [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_PreferredStockSharesIssued', window );">Series A Preferred stock, issued (in shares)</a></td>
<td class="nump">1,800,000<span></span>
</td>
<td class="nump">1,800,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<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>duration</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_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://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&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://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&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_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=arl_AmericanRealtyInvestorsIncAndSubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_AmericanRealtyInvestorsIncAndSubsidiariesMember</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>55
<FILENAME>R50.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;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6820665040">
<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="1"></th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Mar. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2019</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_Revenues', window );">Rental and other property revenues</a></td>
<td class="nump">$ 11,918<span></span>
</td>
<td class="nump">$ 11,929<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment', window );">Property operating expenses</a></td>
<td class="num">(6,310)<span></span>
</td>
<td class="num">(5,997)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation</a></td>
<td class="num">(3,394)<span></span>
</td>
<td class="num">(3,109)<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_GainLossOnLandSales', window );">Gain on land sales</a></td>
<td class="nump">4,138<span></span>
</td>
<td class="nump">2,216<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<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 (loss) income</a></td>
<td class="num">(4,450)<span></span>
</td>
<td class="num">(1,735)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyNet', window );">Real estate assets</a></td>
<td class="nump">396,577<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 387,790<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_srt_ConsolidationItemsAxis=us-gaap_OperatingSegmentsMember', window );">Operating 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_Revenues', window );">Rental and other property revenues</a></td>
<td class="nump">11,918<span></span>
</td>
<td class="nump">11,929<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment', window );">Property operating expenses</a></td>
<td class="num">(6,310)<span></span>
</td>
<td class="num">(5,997)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation</a></td>
<td class="num">(3,394)<span></span>
</td>
<td class="num">(3,109)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_MortgageAndLoanInterestIncludingCharges', window );">Mortgage and loan interest</a></td>
<td class="num">(9,602)<span></span>
</td>
<td class="num">(9,968)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<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">5,754<span></span>
</td>
<td class="nump">6,153<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_GainLossOnLandSales', window );">Gain on land sales</a></td>
<td class="nump">4,138<span></span>
</td>
<td class="nump">2,216<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<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 (loss) income</a></td>
<td class="nump">2,504<span></span>
</td>
<td class="nump">1,224<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_PaymentsToAcquirePropertyPlantAndEquipment', window );">Capital expenditures</a></td>
<td class="nump">9,742<span></span>
</td>
<td class="nump">8,857<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<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">396,577<span></span>
</td>
<td class="nump">386,477<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_PropertySalesAbstract', window );"><strong>Property Sales</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</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">5,712<span></span>
</td>
<td class="nump">8,715<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_RealEstateCostOfSales', window );">Cost of sale</a></td>
<td class="num">(1,574)<span></span>
</td>
<td class="num">(6,499)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfProperties', window );">Gain on sale</a></td>
<td class="nump">4,138<span></span>
</td>
<td class="nump">2,216<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] | Operating Segments [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_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="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Rental and other property revenues</a></td>
<td class="nump">7,884<span></span>
</td>
<td class="nump">8,227<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<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">(4,109)<span></span>
</td>
<td class="num">(3,936)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation</a></td>
<td class="num">(2,522)<span></span>
</td>
<td class="num">(2,375)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_MortgageAndLoanInterestIncludingCharges', window );">Mortgage and loan interest</a></td>
<td class="num">(1,371)<span></span>
</td>
<td class="num">(1,967)<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_OperatingIncomeLoss', window );">Segment operating (loss) income</a></td>
<td class="num">(118)<span></span>
</td>
<td class="num">(51)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Capital expenditures</a></td>
<td class="nump">709<span></span>
</td>
<td class="nump">3,690<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyNet', window );">Real estate assets</a></td>
<td class="nump">148,424<span></span>
</td>
<td class="nump">154,791<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] | Operating 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_Revenues', window );">Rental and other property revenues</a></td>
<td class="nump">4,032<span></span>
</td>
<td class="nump">3,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment', window );">Property operating expenses</a></td>
<td class="num">(1,930)<span></span>
</td>
<td class="num">(2,058)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation</a></td>
<td class="num">(872)<span></span>
</td>
<td class="num">(734)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_MortgageAndLoanInterestIncludingCharges', window );">Mortgage and loan interest</a></td>
<td class="num">(1,172)<span></span>
</td>
<td class="num">(934)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<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 (loss) income</a></td>
<td class="nump">58<span></span>
</td>
<td class="num">(26)<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_PaymentsToAcquirePropertyPlantAndEquipment', window );">Capital expenditures</a></td>
<td class="nump">7,033<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">179,484<span></span>
</td>
<td class="nump">150,841<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_LandSegmentsAdjustedMember', window );">Land [Member] | Operating Segments [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_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="re">
<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">(99)<span></span>
</td>
<td class="nump">43<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_MortgageAndLoanInterestIncludingCharges', window );">Mortgage and loan interest</a></td>
<td class="num">(281)<span></span>
</td>
<td class="num">(329)<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_GainLossOnLandSales', window );">Gain on land sales</a></td>
<td class="nump">4,138<span></span>
</td>
<td class="nump">2,216<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<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 (loss) income</a></td>
<td class="nump">3,758<span></span>
</td>
<td class="nump">1,930<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_PaymentsToAcquirePropertyPlantAndEquipment', window );">Capital expenditures</a></td>
<td class="nump">2,000<span></span>
</td>
<td class="nump">5,167<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<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">68,669<span></span>
</td>
<td class="nump">80,845<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_PropertySalesAbstract', window );"><strong>Property Sales</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</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">5,712<span></span>
</td>
<td class="nump">8,715<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_RealEstateCostOfSales', window );">Cost of sale</a></td>
<td class="num">(1,574)<span></span>
</td>
<td class="num">(6,499)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfProperties', window );">Gain on sale</a></td>
<td class="nump">4,138<span></span>
</td>
<td class="nump">2,216<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_OtherMember', window );">Other [Member] | Operating Segments [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_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="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Rental and other property revenues</a></td>
<td class="nump">2<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment', window );">Property operating expenses</a></td>
<td class="num">(172)<span></span>
</td>
<td class="num">(46)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_MortgageAndLoanInterestIncludingCharges', window );">Mortgage and loan interest</a></td>
<td class="num">(6,778)<span></span>
</td>
<td class="num">(6,738)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<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">5,754<span></span>
</td>
<td class="nump">6,153<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_OperatingIncomeLoss', window );">Segment operating (loss) income</a></td>
<td class="num">$ (1,194)<span></span>
</td>
<td class="num">$ (629)<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_GainLossOnLandSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 land during the reporting 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_GainLossOnLandSales</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_RealEstateCostOfSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 cost of sales 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_RealEstateCostOfSales</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_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_us-gaap_DepreciationAndAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&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_DepreciationAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expense incurred and directly related to generating revenue by lessor from operating lease of rented property and 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/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=109226691&amp;loc=d3e2941-110230<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<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=121586364&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=109226348&amp;loc=d3e2443-110228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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_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>Reference 1: http://www.xbrl.org/2003/role/exampleRef<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=120311839&amp;loc=d3e8924-108599<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<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=120311839&amp;loc=d3e8736-108599<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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_PaymentsToAcquirePropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&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_PaymentsToAcquirePropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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://fasb.org/us-gaap/role/ref/legacyRef<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=120400017&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_Revenues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<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=120311839&amp;loc=d3e9031-108599<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 41<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e9038-108599<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<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=120311839&amp;loc=d3e9054-108599<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<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(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 235<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-05(b)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=120399901&amp;loc=d3e537907-122884<br><br>Reference 13: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Revenues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_srt_ConsolidationItemsAxis=us-gaap_OperatingSegmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_ConsolidationItemsAxis=us-gaap_OperatingSegmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementBusinessSegmentsAxis=arl_CommercialSegmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=arl_CommercialSegmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementBusinessSegmentsAxis=arl_ApartmentsSegmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=arl_ApartmentsSegmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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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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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6797917056">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>BONDS AND BONDS INTEREST PAYABLE (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2020</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_ScheduleOfDebtInstrumentsTextBlock', window );">Schedule of bonds and interest payable</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Following is the outstanding balance of SPC&#8217;s Bonds and
interest payable as of March 31, 2020 and December 31, 2019 (dollars in thousands):</p>

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

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 70%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>March 31,</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>December 31,</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2020</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2019</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="width: 66%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Bonds (Series A)</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 78,541</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 92,653</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Bonds (Series B)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">38,626</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">39,844</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Bonds (Series B expansion)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">20,281</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">20,920</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Bonds (Series C)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">77,139</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">79,572</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"><b>Total outstanding bonds</b></td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 214,587</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 232,989</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Less: deferred bond issuance costs</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(8,946</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(9,724</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"><b>Total outstanding bonds, net</b></td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">205,641</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">223,265</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Accrued Interest</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">2,191</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">6,457</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal"><b>Total outstanding bonds, net and accrued interest</b></td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 207,832</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 2pt double; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 229,722</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock', window );">Schedule of aggregate maturity of the bonds</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The aggregate maturity of the bonds are as follows:</p>

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

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 70%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>March 31,</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>December 31,</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"><b>Year</b></td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2020</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2019</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="width: 66%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">2020</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 11,220</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 23,148</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">2021</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">34,222</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">35,301</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">2022</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">34,222</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">35,301</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">11,781</td>
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    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">12,213</td>
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<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
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    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
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    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 232,989</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">us-gaap_ScheduleOfDebtInstrumentsTextBlock</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of maturity and sinking fund requirement for long-term debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6812355376">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INVESTMENT IN VAA (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Mar. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2019</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_EquityMethodInvestmentSummarizedFinancialInformationAbstract', window );"><strong>Balance Sheet</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 );">Net real estate assets</a></td>
<td class="nump">$ 396,577<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="nump">$ 387,790<span></span>
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</tr>
<tr class="re">
<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">51,119<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">49,689<span></span>
</td>
</tr>
<tr class="ro">
<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 equity</a></td>
<td class="num">(242,445)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (239,499)<span></span>
</td>
</tr>
<tr 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_ResultsOfOperationsAbstract', window );"><strong>Results of 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>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total revenue</a></td>
<td class="nump">11,918<span></span>
</td>
<td class="nump">$ 11,929<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation and Amortization</a></td>
<td class="num">(3,394)<span></span>
</td>
<td class="num">(3,109)<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_IncomeLossFromEquityMethodInvestments', window );">Net loss</a></td>
<td class="nump">116<span></span>
</td>
<td class="nump">58<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_AdjustmentsToReconcileToEarningsFromVAAAbstract', window );"><strong>Adjustments to reconcile to income (loss) from VAA</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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_EarningsFromJointVenture', window );">Loss from VAA</a></td>
<td class="num">(376)<span></span>
</td>
<td class="num">(1,055)<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_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=arl_VictoryAbodeApartmentsLLCMember', window );">Victory Abode Apartments, 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>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAbstract', window );"><strong>Balance Sheet</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_RealEstateInvestmentPropertyNet', window );">Net real estate assets</a></td>
<td class="nump">1,239,252<span></span>
</td>
<td class="nump">1,257,557<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<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">48,968<span></span>
</td>
<td class="nump">67,020<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_DebtLongtermAndShorttermCombinedAmount', window );">Debt, net</a></td>
<td class="num">(834,826)<span></span>
</td>
<td class="num">(796,065)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<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">(261,620)<span></span>
</td>
<td class="num">(275,448)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total equity</a></td>
<td class="num">(191,774)<span></span>
</td>
<td class="num">(253,064)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr 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_ResultsOfOperationsAbstract', window );"><strong>Results of 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>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total revenue</a></td>
<td class="nump">29,660<span></span>
</td>
<td class="nump">27,401<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<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 property, operating, and maintenance expenses</a></td>
<td class="num">(13,842)<span></span>
</td>
<td class="num">(14,169)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
<td class="num">(15,074)<span></span>
</td>
<td class="num">(15,070)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation and Amortization</a></td>
<td class="num">(7,657)<span></span>
</td>
<td class="num">(15,233)<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_EquityMethodInvestmentTotalOtherExpense', window );">Total other expense</a></td>
<td class="num">(982)<span></span>
</td>
<td class="num">(675)<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_IncomeLossFromEquityMethodInvestments', window );">Net loss</a></td>
<td class="num">(7,895)<span></span>
</td>
<td class="num">(17,746)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_AdjustmentsToReconcileToEarningsFromVAAAbstract', window );"><strong>Adjustments to reconcile to income (loss) from VAA</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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_EquityMethodInterestExpenseOnMezzanineLoan', window );">Interest expense on mezzanine loan</a></td>
<td class="nump">5,873<span></span>
</td>
<td class="nump">6,089<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_EquitymethodLeaseIntangiblesAmortizationExpense', window );">In-place lease intangibles - amortization expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8,336<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_EquityMethodDepreciationBasisDifferences', window );">Depreciation basis differences</a></td>
<td class="nump">1,270<span></span>
</td>
<td class="nump">1,211<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_EquityMethodAdjustedNetIncome', window );">Net loss</a></td>
<td class="num">$ (752)<span></span>
</td>
<td class="num">$ (2,110)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<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 ownership in VAA</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="nump">50.00%<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_EarningsFromJointVenture', window );">Loss from VAA</a></td>
<td class="num">$ (376)<span></span>
</td>
<td class="num">$ (1,055)<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_AdjustmentsToReconcileToEarningsFromVAAAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_AdjustmentsToReconcileToEarningsFromVAAAbstract</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_EarningsFromJointVenture">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 the joint venture.</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_EarningsFromJointVenture</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_EquityMethodAdjustedNetIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjusted net income of the equity method investment.</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_EquityMethodAdjustedNetIncome</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_EquityMethodDepreciationBasisDifferences">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Depreciation basis difference to reconcile net income (loss) of equity method investment.</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_EquityMethodDepreciationBasisDifferences</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_EquityMethodInterestExpenseOnMezzanineLoan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest expense on mezzanine loan to reconcile net income (loss) of equity method investment.</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_EquityMethodInterestExpenseOnMezzanineLoan</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_EquityMethodInvestmentTotalOtherExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 the other expenses reported by an equity method investment of the entity.</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_EquityMethodInvestmentTotalOtherExpense</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_EquitymethodLeaseIntangiblesAmortizationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amortization expense to reconcile net income (loss) of equity method investment.</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_EquitymethodLeaseIntangiblesAmortizationExpense</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_ResultsOfOperationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_ResultsOfOperationsAbstract</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_DebtLongtermAndShorttermCombinedAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 aggregate of total long-term debt, including current maturities and short-term debt.</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_DebtLongtermAndShorttermCombinedAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_DepreciationAndAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&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_DepreciationAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_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://fasb.org/us-gaap/role/ref/legacyRef<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=114001798&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_EquityMethodInvestmentSummarizedFinancialInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_EquityMethodInvestmentSummarizedFinancialInformationAbstract</td>
</tr>
<tr>
<td style="padding-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_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>Amount of income (loss) for proportionate share of equity method investee's income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=120395209&amp;loc=SL114868664-224227<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400993&amp;loc=SL114874131-224263<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&amp;loc=d3e3602-108585<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(13)(f))<br> -URI http://asc.fasb.org/extlink&amp;oid=120399700&amp;loc=SL114874048-224260<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (g)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<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=109237563&amp;loc=d3e33749-111570<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=119993939&amp;loc=d3e28555-108399<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (210.5-03(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=120399700&amp;loc=SL114874048-224260<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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_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://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=120398452&amp;loc=d3e534808-122878<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=120400017&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_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://fasb.org/us-gaap/role/ref/legacyRef<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=120398452&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_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://fasb.org/us-gaap/role/ref/legacyRef<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=120400017&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_Revenues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<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=120311839&amp;loc=d3e9031-108599<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 41<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e9038-108599<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<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=120311839&amp;loc=d3e9054-108599<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<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(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 235<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-05(b)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=120399901&amp;loc=d3e537907-122884<br><br>Reference 13: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Revenues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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/2009/role/commonPracticeRef<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(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&amp;loc=d3e13212-122682<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&amp;loc=d3e13212-122682<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&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_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>
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<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;">srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=arl_VictoryAbodeApartmentsLLCMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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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;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6652368848">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUPPLEMENTAL CASH FLOW INFORMATION (Details Narrative) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Mar. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</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_SupplementalCashFlowElementsAbstract', window );"><strong>Supplemental Cash Flow Elements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaidNet', window );">Interest expense paid</a></td>
<td class="nump">$ 13,090<span></span>
</td>
<td class="nump">$ 10,887<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
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<td class="nump">$ 68,104<span></span>
</td>
<td class="nump">$ 81,127<span></span>
</td>
<td class="nump">$ 83,311<span></span>
</td>
<td class="nump">$ 106,615<span></span>
</td>
</tr>
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<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, 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.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&amp;loc=d3e3521-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&amp;loc=d3e3044-108585<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=SL98516268-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</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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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 paid for interest, excluding capitalized interest, classified as operating activity. Includes, but is not limited to, payment to settle zero-coupon bond for accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest 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/disclosureRef<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=121583591&amp;loc=d3e4297-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 17<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3367-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<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=121586364&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_InterestPaidNet</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</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>
<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_SupplementalCashFlowElementsAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</div></td></tr>
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</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>59
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<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;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6648061072">
<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">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsAbstract', window );"><strong>Related Party Transactions [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock', window );">RELATED PARTY TRANSACTIONS</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 9.&#160; 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">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="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 reconciliation
of the beginning and ending balances of accounts receivable from and (accounts payable) to related parties as of March 31, 2020
(dollars in thousands):</p>

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

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 60%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>Pillar</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="width: 77%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Related party receivable, December 31, 2019</td>
    <td style="width: 3%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 3%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 16%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">85,996</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Cash transfers</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">2,911</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Advisory fees</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(2,287</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Net income fee</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(86</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Cost reimbursements</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(1,118</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Interest income</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">1,103</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Notes receivable purchased</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(7,368</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Expenses (paid) received by Advisor</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">21</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Financing (mortgage payments)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(240</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Intercompany property transfers</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(153</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Related party receivable, March 31, 2020</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 78,779</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6810347312">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>NOTES AND INTEREST RECEIVABLE<br></strong></div></th>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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        <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #cceeff; vertical-align: bottom">
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            <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
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        <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white; vertical-align: bottom">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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        <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white; vertical-align: bottom">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
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        <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #cceeff; vertical-align: bottom">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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        <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #cceeff; vertical-align: bottom">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
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        <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white; vertical-align: bottom">
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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                <font style="font: 10pt Times New Roman, Times, Serif">&#160;20,387 </font>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
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        <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #cceeff; vertical-align: bottom">
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
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        <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white; vertical-align: bottom">
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">
                <font style="font: 10pt Times New Roman, Times, Serif">Various</font>
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">
                <font style="font: 10pt Times New Roman, Times, Serif">Various</font>
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
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        <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #cceeff; vertical-align: bottom">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
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        <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white; vertical-align: bottom">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">&#160;</td>
            <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&#160;</td>
            <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">&#160;</td>
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        <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #cceeff; vertical-align: bottom">
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
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            <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap">&#160;</td>
            <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap">&#160;</td>
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            <td style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right; white-space: nowrap">
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            <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap">&#160;</td>
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                <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
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                <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>

    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">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>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">At March 31, 2020, we had mortgage loans and accrued interest receivable from related parties, net of allowances, totaling $96.9 million and recognized interest income of $8.1 million related to these notes receivables. During the quarter just ended, the Company collected $5.0 million and purchased from a related party $7.4 million of notes receivables with an interest rate of 12% and maturity date of March 2023.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The Company has various notes receivable from Unified Housing foundation, Inc. (&#x201C;UHF&#x201D;).&#160; UHF is determined to be a related party due to our significant investment in the performance of the collateral secured under the notes receivable. Payments are due from surplus cash flow from operations, sale or refinancing of the underlying properties. These notes are cross collateralized to the extent that any surplus cash available from any of the properties underlying these notes will be used to repay outstanding interest and principal for the remaining notes. Furthermore, any surplus cash available from any of the properties UHF owns, besides the properties underlying these notes, can be used to repay outstanding interest and principal for these notes. The allowance on the notes was a purchase allowance that was netted against the notes when acquired.</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 financing 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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -URI http://asc.fasb.org/subtopic&amp;trid=2196772<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 20<br> -URI http://asc.fasb.org/subtopic&amp;trid=2196816<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6807183456">
<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>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Mar. 31, 2019</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_SegmentReportingAbstract', window );"><strong>Segment Reporting [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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_SegmentOperatingIncome', window );">Segment operating income</a></td>
<td class="nump">$ 2,504<span></span>
</td>
<td class="nump">$ 1,224<span></span>
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</tr>
<tr 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>
</tr>
<tr class="ro">
<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">(2,795)<span></span>
</td>
<td class="num">(2,480)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TaxesOther', window );">Franchise taxes and other expenses</a></td>
<td class="num">(1,496)<span></span>
</td>
<td class="num">(125)<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">(86)<span></span>
</td>
<td class="num">(100)<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">(2,287)<span></span>
</td>
<td class="num">(1,853)<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_OtherNonoperatingIncomeExpense', window );">Other income</a></td>
<td class="nump">1,212<span></span>
</td>
<td class="nump">3,667<span></span>
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</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax', window );">Foreign Currency Transaction gain (loss)</a></td>
<td class="nump">7,843<span></span>
</td>
<td class="num">(5,818)<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_EarningsFromJointVenture', window );">Loss from joint venture</a></td>
<td class="num">(376)<span></span>
</td>
<td class="num">(1,055)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Earnings from unconsolidated investees</a></td>
<td class="nump">116<span></span>
</td>
<td class="nump">58<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest', window );">Net income (loss) from continuing operations</a></td>
<td class="nump">$ 4,388<span></span>
</td>
<td class="num">$ (6,482)<span></span>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of 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>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<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 the joint venture.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
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<td><strong> Data Type:</strong></td>
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<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 );">- 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><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of segment operating income.</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_SegmentOperatingIncome</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of income (loss) for proportionate share of equity method investee's income (loss).</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6808684000">
<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="2">3 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Mar. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesReceivableNet', window );">Notes and interest receivable</a></td>
<td class="nump">$ 158,361<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 156,200<span></span>
</td>
</tr>
<tr class="ro">
<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 );">Collection of notes receivable</a></td>
<td class="nump">5,042<span></span>
</td>
<td class="nump">$ 255<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_PaymentsToAcquireNotesReceivable', window );">Purchase of notes receivable</a></td>
<td class="nump">768<span></span>
</td>
<td class="nump">$ 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=arl_RelatedPartyMember', window );">Related Parties [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_NotesReceivableNet', window );">Notes and interest receivable</a></td>
<td class="nump">96,900<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_InterestReceivable', window );">Accrued interest</a></td>
<td class="nump">8,100<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_ProceedsFromCollectionOfNotesReceivable', window );">Collection of notes receivable</a></td>
<td class="nump">5,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireNotesReceivable', window );">Purchase of notes receivable</a></td>
<td class="nump">$ 7,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity date</a></td>
<td class="text">Mar. 31,  2023<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_RelatedPartyTransactionRate', window );">Interest rate</a></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentMaturityDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<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(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentMaturityDate</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli: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>
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<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://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&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>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>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_NotesReceivableNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 326<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121599337&amp;loc=SL82919230-210447<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<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))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=121593590&amp;loc=d3e4428-111522<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NotesReceivableNet</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<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://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&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>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>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://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Identify the stated interest rate per the agreement, for example, leasing and debt arrangements between related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionRate</td>
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<td>us-gaap_</td>
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<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>
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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_RelatedPartyTransactionsByRelatedPartyAxis=arl_RelatedPartyMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
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<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>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6822701808">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>NOTES AND INTEREST PAYABLE (Details Narrative) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
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<td class="nump">$ 4,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
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<td class="nump">260,969<span></span>
</td>
<td class="nump">$ 254,873<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_srt_ConsolidatedEntitiesAxis=srt_SubsidiariesMember', window );">Subsidiaries [Member] | Kent, OH [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_NotesPayable', window );">Notes payable</a></td>
<td class="nump">$ 3,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Interest rate</a></td>
<td class="nump">10.00%<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_DebtInstrumentMaturityDate', window );">Maturity date</a></td>
<td class="text">Nov. 30,  2024<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_ConstructionLoan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 carrying value of a short-term real estate loan to finance building costs. The funds are disbursed as needed or in accordance with a prearranged plan; generally, a portion of the funds is disbursed at inception and the remainder as construction progresses. The money is repaid on completion of the project, usually from the proceeds of a mortgage loan. The rate is normally higher than the prime rate, and there is usually an origination fee. The effective yield on these loans tends to be high, and the lender has a security interest in the real property. Note that there are separate concepts for the current and noncurrent portions of long-term construction loans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&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_ConstructionLoan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_DebtInstrumentInterestRateStatedPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Contractual interest rate for funds borrowed, under the debt agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&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_DebtInstrumentInterestRateStatedPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentMaturityDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<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(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentMaturityDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_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://fasb.org/us-gaap/role/ref/legacyRef<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=120400017&amp;loc=d3e572229-122910<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=120398452&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_srt_ConsolidatedEntitiesAxis=srt_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;">srt_ConsolidatedEntitiesAxis=srt_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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_StatementGeographicalAxis=arl_KentOHMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_StatementGeographicalAxis=arl_KentOHMember</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>
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<html>
<head>
<title></title>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6821530688">
<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>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Mar. 31, 2019</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_DueFromRelatedPartiesUnclassifiedAbstract', window );"><strong>Related party receivables [Roll Forward]</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_AdvisoryFeeToRelatedParty', window );">Advisory fees</a></td>
<td class="num">$ (2,287)<span></span>
</td>
<td class="num">$ (1,853)<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">(86)<span></span>
</td>
<td class="num">$ (100)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=srt_AffiliatedEntityMember', window );">Pillar Income Asset Management, 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_DueFromRelatedPartiesUnclassifiedAbstract', window );"><strong>Related party receivables [Roll Forward]</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_RelatedPartyTransactionDueFromToRelatedParty', window );">Related party receivable, beginning balance, December 31, 2019</a></td>
<td class="nump">85,996<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="nump">2,911<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">(2,287)<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="num">(86)<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_DueFromRelatedCostReimbursements', window );">Cost reimbursements</a></td>
<td class="num">(1,118)<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_InterestIncomeRelatedPartyReceivable', window );">Interest income</a></td>
<td class="nump">1,103<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_NotesReceivablePurchasedRelatedParty', window );">Notes receivable purchased</a></td>
<td class="num">(7,368)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty', window );">Expenses (paid) received by Advisor</a></td>
<td class="nump">21<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForMortgageDeposits', window );">Financing (mortgage payments)</a></td>
<td class="num">(240)<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_IntercompanyPropertyTransfers', window );">Intercompany property transfers</a></td>
<td class="num">(153)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionDueFromToRelatedParty', window );">Related party receivable, ending balance, March 31, 2020</a></td>
<td class="nump">$ 78,779<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_IntercompanyPropertyTransfers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 intercompany property transfers.</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_IntercompanyPropertyTransfers</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_InterestIncomeRelatedPartyReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest income related party receivable.</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_InterestIncomeRelatedPartyReceivable</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_arl_NotesReceivablePurchasedRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 notes receivable purchased from related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_NotesReceivablePurchasedRelatedParty</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_DueFromRelatedPartiesUnclassifiedAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_DueFromRelatedPartiesUnclassifiedAbstract</td>
</tr>
<tr>
<td style="padding-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_PaymentsForMortgageDeposits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>outflow associated with an amount paid in advance to show an intention to complete a mortgage financing.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<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=121586364&amp;loc=d3e3291-108585<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_PaymentsForMortgageDeposits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e24072-122690<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_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_RelatedPartyTransactionDueFromToRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Receivables to be collected from (obligations owed to) related parties, net as of the balance sheet date 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://fasb.org/us-gaap/role/ref/legacyRef<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=120395691&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<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></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionDueFromToRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_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://fasb.org/us-gaap/role/ref/legacyRef<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_RelatedPartyTransactionsByRelatedPartyAxis=srt_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=srt_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>66
<FILENAME>R8.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;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6820615952">
<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">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Mar. 31, 2019</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_NetCashProvidedByUsedInOperatingActivitiesAbstract', 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 (loss)</a></td>
<td class="nump">$ 4,388<span></span>
</td>
<td class="num">$ (6,482)<span></span>
</td>
</tr>
<tr class="re">
<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 (loss) applicable to common shares to net cash used in 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_ForeignCurrencyTransactionGainLossBeforeTax', window );">Foreign currency transaction (gain) loss</a></td>
<td class="num">(7,843)<span></span>
</td>
<td class="nump">5,818<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForLoanAndLeaseLossRecoveryOfBadDebts', window );">Allowance for bad debt</a></td>
<td class="num">(542)<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_GainLossOnLandSales', window );">Gain on sale of land</a></td>
<td class="num">(4,138)<span></span>
</td>
<td class="num">(2,216)<span></span>
</td>
</tr>
<tr class="re">
<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">3,394<span></span>
</td>
<td class="nump">3,109<span></span>
</td>
</tr>
<tr class="ro">
<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">153<span></span>
</td>
<td class="nump">339<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfFinancingCosts', window );">Amortization of bond issuance costs</a></td>
<td class="nump">778<span></span>
</td>
<td class="nump">592<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_EarningsFromJointVenture', window );">Loss from joint venture</a></td>
<td class="nump">376<span></span>
</td>
<td class="nump">1,055<span></span>
</td>
</tr>
<tr class="re">
<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="num">(116)<span></span>
</td>
<td class="num">(58)<span></span>
</td>
</tr>
<tr class="ro">
<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>(Increase) decrease in assets:</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_IncreaseDecreaseInAccruedInterestReceivableNet', window );">Accrued interest receivable</a></td>
<td class="nump">1,475<span></span>
</td>
<td class="nump">1,726<span></span>
</td>
</tr>
<tr class="ro">
<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="num">(1,408)<span></span>
</td>
<td class="nump">4,822<span></span>
</td>
</tr>
<tr class="re">
<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">(791)<span></span>
</td>
<td class="num">(5,340)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInLeasingReceivables', window );">Rent receivables</a></td>
<td class="nump">180<span></span>
</td>
<td class="num">(3,275)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties', window );">Related party receivables</a></td>
<td class="num">(151)<span></span>
</td>
<td class="num">(7,971)<span></span>
</td>
</tr>
<tr class="ro">
<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="re">
<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">(3,193)<span></span>
</td>
<td class="num">(5,466)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities', window );">Other liabilities</a></td>
<td class="num">(4,164)<span></span>
</td>
<td class="num">(3,102)<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_NetCashProvidedByUsedInOperatingActivities', window );">Net cash (used in) operating activities</a></td>
<td class="num">(11,602)<span></span>
</td>
<td class="num">(16,449)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash Flow From Investing Activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromCollectionOfNotesReceivable', window );">Proceeds from notes receivables</a></td>
<td class="nump">5,042<span></span>
</td>
<td class="nump">255<span></span>
</td>
</tr>
<tr class="ro">
<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 of notes receivables</a></td>
<td class="num">(768)<span></span>
</td>
<td class="num">(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_PaymentsToAcquireLand', window );">Acquisition of land held for development</a></td>
<td class="num">(2,000)<span></span>
</td>
<td class="num">(2,479)<span></span>
</td>
</tr>
<tr class="ro">
<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">5,638<span></span>
</td>
<td class="nump">8,715<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital', window );">Distribution from equity investee</a></td>
<td class="nump">5,264<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<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">(2,289)<span></span>
</td>
<td class="num">(3,699)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForConstructionInProcess', window );">Construction and development of new properties</a></td>
<td class="num">(5,453)<span></span>
</td>
<td class="num">(7,838)<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_NetCashProvidedByUsedInInvestingActivities', window );">Net cash provided by (used in) investing activities</a></td>
<td class="nump">5,434<span></span>
</td>
<td class="num">(5,431)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', 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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_PaymentsForBonds', window );">Bond payments</a></td>
<td class="num">(11,561)<span></span>
</td>
<td class="num">(10,378)<span></span>
</td>
</tr>
<tr class="re">
<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">5,114<span></span>
</td>
<td class="nump">8,019<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_RecurringPaymentOfPrincipalOnNotesPayable', window );">Recurring payment of principal on notes payable</a></td>
<td class="num">(2,592)<span></span>
</td>
<td class="num">(1,182)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDistributionsToAffiliates', window );">Distributions to equity partner</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(67)<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_NetCashProvidedByUsedInFinancingActivities', window );">Net cash (used in) financing activities</a></td>
<td class="num">(9,039)<span></span>
</td>
<td class="num">(3,608)<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_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect', window );">Net (decrease) increase in cash and cash equivalents</a></td>
<td class="num">(15,207)<span></span>
</td>
<td class="num">(25,488)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents', window );">Cash and cash equivalents, beginning of period</a></td>
<td class="nump">83,311<span></span>
</td>
<td class="nump">106,615<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents', window );">Cash and cash equivalents, end of period</a></td>
<td class="nump">68,104<span></span>
</td>
<td class="nump">81,127<span></span>
</td>
</tr>
<tr class="ro">
<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_InterestPaidNet', window );">Cash paid for interest</a></td>
<td class="nump">13,090<span></span>
</td>
<td class="nump">$ 10,887<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NoncashInvestingAndFinancingItemsAbstract', window );"><strong>Schedule of noncash investing and financing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NoncashOrPartNoncashAcquisitionPayablesAssumed1', window );">Notes payable issued on acquisition of land held for development</a></td>
<td class="nump">$ 3,350<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_EarningsFromJointVenture">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 the joint venture.</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_EarningsFromJointVenture</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_GainLossOnLandSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 land during the reporting 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_GainLossOnLandSales</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_PaymentsForBonds">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 bonds.</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_PaymentsForBonds</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_RecurringPaymentOfPrincipalOnNotesPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 recurring payament of principal on note 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_RecurringPaymentOfPrincipalOnNotesPayable</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_AllowanceForLoanAndLeaseLossRecoveryOfBadDebts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 recovery of loans and lease receivables which had previously been fully or partially written-off as bad debts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11B<br> -Subparagraph (c)(4)<br> -URI http://asc.fasb.org/extlink&amp;oid=121611835&amp;loc=SL6953423-111524<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllowanceForLoanAndLeaseLossRecoveryOfBadDebts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_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://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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_AmortizationOfFinancingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 amortization expense attributable to 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/2009/role/commonPracticeRef<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=121586364&amp;loc=d3e3602-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=120395209&amp;loc=SL114868664-224227<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<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=119993939&amp;loc=d3e28555-108399<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_AmortizationOfFinancingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, 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.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&amp;loc=d3e3521-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&amp;loc=d3e3044-108585<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=SL98516268-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, 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.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=98513438&amp;loc=d3e33268-110906<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&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_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationDepletionAndAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&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_ForeignCurrencyTransactionGainLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 foreign currency transaction realized and unrealized gain (loss) recognized in the income statement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=109240200&amp;loc=d3e30690-110894<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 35<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=121605123&amp;loc=d3e30226-110892<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 10<br> -Section 45<br> -Paragraph 17<br> -URI http://asc.fasb.org/extlink&amp;oid=120253306&amp;loc=d3e28228-110885<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450222&amp;loc=d3e30840-110895<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ForeignCurrencyTransactionGainLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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>Amount of income (loss) for proportionate share of equity method investee's income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=120395209&amp;loc=SL114868664-224227<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400993&amp;loc=SL114874131-224263<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&amp;loc=d3e3602-108585<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(13)(f))<br> -URI http://asc.fasb.org/extlink&amp;oid=120399700&amp;loc=SL114874048-224260<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (g)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<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=109237563&amp;loc=d3e33749-111570<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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_IncreaseDecreaseInAccountsReceivableRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 to the reporting entity for good and services provided to 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, 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://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&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_IncreaseDecreaseInAccountsReceivableRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&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_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://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&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://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&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>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</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://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&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>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</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://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&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://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&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_InterestPaidNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 paid for interest, excluding capitalized interest, classified as operating activity. Includes, but is not limited to, payment to settle zero-coupon bond for accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest 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/disclosureRef<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=121583591&amp;loc=d3e4297-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 17<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3367-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<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=121586364&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_InterestPaidNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_NetCashProvidedByUsedInFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 financing activities, including 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/disclosureRef<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=121586364&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_NetCashProvidedByUsedInFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_NetCashProvidedByUsedInFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_NetCashProvidedByUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-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_NetCashProvidedByUsedInInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 investing activities, including 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/disclosureRef<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=121586364&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_NetCashProvidedByUsedInInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_NetCashProvidedByUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_NetCashProvidedByUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-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_NetCashProvidedByUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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, including 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://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&amp;loc=d3e3536-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&amp;loc=d3e3521-108585<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&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_NetCashProvidedByUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_NetCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_NetCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-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_NoncashInvestingAndFinancingItemsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_NoncashInvestingAndFinancingItemsAbstract</td>
</tr>
<tr>
<td style="padding-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_NoncashOrPartNoncashAcquisitionPayablesAssumed1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 payables that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition. Noncash is defined as transactions during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments 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://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=d3e4313-108586<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=d3e4332-108586<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=d3e4304-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NoncashOrPartNoncashAcquisitionPayablesAssumed1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_PaymentsForConstructionInProcess">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 construction costs to date on capital projects that have not been completed and assets being constructed that are not ready to be placed into service.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&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_PaymentsForConstructionInProcess</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_PaymentsOfDistributionsToAffiliates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 distributions of earnings to an entity 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://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&amp;loc=d3e3291-108585<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_PaymentsOfDistributionsToAffiliates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireLand">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow from the acquisition of real estate intended to generate income for the owner; excludes land acquired for use by the owner.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&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_PaymentsToAcquireLand</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</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>
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</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://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&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_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>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</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://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&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://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&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_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 distribution received from equity method investee for return of investment, classified as investing activities. Excludes distribution for return on investment, classified as operating 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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 21D<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=SL94080555-108585<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&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_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</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://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&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_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>
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</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://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&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_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>
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</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>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<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>
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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;">us-gaap_SupplementalCashFlowInformationAbstract</td>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6652061216">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>NOTES AND INTEREST PAYABLE (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2020</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 March
31, 2020 and December 31, 2019 (dollars in thousands):</p>

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

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 70%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>March 31,</b></td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>December 31,</b></td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2020</b></td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2019</b></td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="width: 67%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Apartments</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160; 120,370</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="line-height: normal; width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 14%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160; 120,024</td>
    <td style="line-height: normal; width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Apartments under Construction</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">16,710</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">9,017</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Commercial</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">92,319</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">92,838</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Land</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: right">17,644</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: right">19,128</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Corporate and other notes</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">20,266</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">20,429</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Total notes payable</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160; 267,309</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160; 261,436</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Less: unamortized deferred borrowing costs</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(7,189</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(7,342</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Total outstanding notes payable, net</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160; 260,120</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160; 254,094</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Accrued Interest</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">849</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">779</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Total notes payable, net and accrued interest</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160; 260,969</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160; 254,873</td>
    <td style="line-height: normal; font-size-adjust: none; font-stretch: normal">&#160;</td></tr>
</table><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_us-gaap_DebtDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_DebtDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</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_ScheduleOfDebtTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<td>duration</td>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>68
<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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<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6810255712">
<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">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateAbstract', window );"><strong>Real Estate [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentFinancialStatementsDisclosureTextBlock', window );">Schedule of the real estate owned</a></td>
<td class="text"><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 March 31, 2020 and December 31, 2019 (dollars in thousands):&#160;</p>

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

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 80%; margin-left: 5.4pt; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>March 31,</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: center"><b>December 31,</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: left"><b>&#160;</b></td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2020</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: center"><b>2019</b></td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="width: 69%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Apartments</td>
    <td style="width: 2%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 12%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 157,753</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="width: 1%; font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="width: 12%; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 156,173</td>
    <td style="width: 1%; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Apartments under construction</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">33,166</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">22,363</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Commercial properties</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">230,133</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">229,424</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Land held for development</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">61,782</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">62,037</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Real estate subject to sales contract</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">6,887</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">7,966</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Total real estate, at cost, less impairment</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 489,721</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 477,963</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Less accumulated deprecation</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(93,144</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">(90,173</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">)</td></tr>
<tr style="line-height: normal; font-size-adjust: none; font-stretch: normal">
    <td style="vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal">Total real estate, net of depreciation</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 396,577</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td>
    <td style="font-size-adjust: none; font-stretch: normal">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 2pt double; font-size-adjust: none; font-stretch: normal; text-align: left">$</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2pt double; vertical-align: bottom; white-space: nowrap; font-size-adjust: none; font-stretch: normal; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 387,790</td>
    <td style="vertical-align: bottom; font-size-adjust: none; font-stretch: normal; text-align: left">&#160;</td></tr>
</table><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_us-gaap_RealEstateAbstract">
<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_RealEstateAbstract</td>
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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">
<tr>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6821430160">
<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>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Mar. 31, 2019</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_RevenuesAbstract', window );"><strong>Revenues:</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_Revenues', window );">Rental and other property revenues (including $221 and $113 for the three months ended 2020 and 2019, respectively, from related parties)</a></td>
<td class="nump">$ 11,918<span></span>
</td>
<td class="nump">$ 11,929<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Expenses:</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_DirectCostsOfLeasedAndRentedPropertyOrEquipment', window );">Property operating expenses (including $242 and $257 for the three months ended 2020 and 2019, respectively, from related parties)</a></td>
<td class="nump">6,310<span></span>
</td>
<td class="nump">5,997<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation and amortization</a></td>
<td class="nump">3,394<span></span>
</td>
<td class="nump">3,109<span></span>
</td>
</tr>
<tr class="ro">
<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 $1,133 and $1,597 for the three months ended 2020 and 2019, respectively, from related parties)</a></td>
<td class="nump">2,795<span></span>
</td>
<td class="nump">2,480<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TaxesOther', window );">Franchise taxes and other expenses</a></td>
<td class="nump">1,496<span></span>
</td>
<td class="nump">125<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="nump">86<span></span>
</td>
<td class="nump">100<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="nump">2,287<span></span>
</td>
<td class="nump">1,853<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_CostsAndExpenses', window );">Total operating expenses</a></td>
<td class="nump">16,368<span></span>
</td>
<td class="nump">13,664<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 );">Net operating loss</a></td>
<td class="num">(4,450)<span></span>
</td>
<td class="num">(1,735)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpenseAbstract', window );"><strong>Other income (expenses):</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<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 (including $5,031 and $5,881 for the three months ended 2020 and 2019, respectively, from related parties)</a></td>
<td class="nump">5,754<span></span>
</td>
<td class="nump">6,153<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNonoperatingIncomeExpense', window );">Other income</a></td>
<td class="nump">1,212<span></span>
</td>
<td class="nump">3,667<span></span>
</td>
</tr>
<tr class="re">
<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 $1,915 and $2,307 for the three months ended 2020 and 2019, respectively, from related parties)</a></td>
<td class="num">(9,602)<span></span>
</td>
<td class="num">(9,968)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax', window );">Foreign currency transaction (loss) gain</a></td>
<td class="nump">7,843<span></span>
</td>
<td class="num">(5,818)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainsLossesOnExtinguishmentOfDebt', window );">Loss on extinguishment of debt</a></td>
<td class="text"> <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_EarningsFromVaa', window );">Equity loss from VAA</a></td>
<td class="num">(376)<span></span>
</td>
<td class="num">(1,055)<span></span>
</td>
</tr>
<tr class="re">
<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">116<span></span>
</td>
<td class="nump">58<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpense', window );">Total other income (expenses)</a></td>
<td class="nump">4,947<span></span>
</td>
<td class="num">(6,963)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Income (loss) before gain on land sales, non-controlling interest, and taxes</a></td>
<td class="nump">497<span></span>
</td>
<td class="num">(8,698)<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_GainLossOnLandSales', window );">Gain on land sales</a></td>
<td class="nump">4,138<span></span>
</td>
<td class="nump">2,216<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_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic', window );">Net income (loss) from continuing operations before taxes</a></td>
<td class="nump">4,635<span></span>
</td>
<td class="num">(6,482)<span></span>
</td>
</tr>
<tr class="ro">
<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 );">State inncome tax expense</a></td>
<td class="num">(247)<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_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest', window );">Net income (loss) from continuing operations</a></td>
<td class="nump">4,388<span></span>
</td>
<td class="num">(6,482)<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">4,388<span></span>
</td>
<td class="num">(6,482)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest', window );">Net (income) loss attributable to non-controlling interest</a></td>
<td class="num">(1,442)<span></span>
</td>
<td class="nump">335<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income (loss) attributable to American Realty Investors, Inc.</a></td>
<td class="nump">2,946<span></span>
</td>
<td class="num">(6,147)<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_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Net income (loss) applicable to common shares</a></td>
<td class="nump">$ 2,946<span></span>
</td>
<td class="num">$ (6,147)<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_EarningsPerShareBasicAbstract', window );"><strong>(Loss) earnings per share - basic</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_IncomeLossFromContinuingOperationsPerBasicShare', window );">Net income (loss) from continuing operations (in dollars per share)</a></td>
<td class="nump">$ 0.27<span></span>
</td>
<td class="num">$ (0.41)<span></span>
</td>
</tr>
<tr class="ro">
<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 (loss) applicable to common shares (in dollars per share)</a></td>
<td class="nump">0.18<span></span>
</td>
<td class="num">(0.38)<span></span>
</td>
</tr>
<tr class="re">
<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>(Loss) earnings per share - diluted</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_IncomeLossFromContinuingOperationsPerDilutedShare', window );">Net income (loss) from continuing operations (in dollars per share)</a></td>
<td class="nump">0.27<span></span>
</td>
<td class="num">(0.41)<span></span>
</td>
</tr>
<tr class="re">
<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 (loss) applicable to common shares (in dollars per share)</a></td>
<td class="nump">$ 0.18<span></span>
</td>
<td class="num">$ (0.38)<span></span>
</td>
</tr>
<tr class="ro">
<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">15,997,076<span></span>
</td>
<td class="nump">15,997,076<span></span>
</td>
</tr>
<tr class="re">
<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">15,997,076<span></span>
</td>
<td class="nump">15,997,076<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsAttributableToParentAbstract', 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>
</tr>
<tr class="re">
<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">$ 4,388<span></span>
</td>
<td class="num">$ (6,482)<span></span>
</td>
</tr>
<tr class="ro">
<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) applicable to American Realty Investors, Inc.</a></td>
<td class="nump">$ 2,946<span></span>
</td>
<td class="num">$ (6,147)<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_EarningsFromVaa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 earning from vaa.</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_EarningsFromVaa</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_GainLossOnLandSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 land during the reporting 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_GainLossOnLandSales</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_CostsAndExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 costs of sales and operating expenses 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://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03)<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostsAndExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_DepreciationAndAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&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_DepreciationAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expense incurred and directly related to generating revenue by lessor from operating lease of rented property and 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/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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_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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22583-107794<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<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=121326447&amp;loc=d3e1448-109256<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22595-107794<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=d3e1337-109256<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<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=120380238&amp;loc=d3e4984-109258<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400993&amp;loc=SL114874131-224263<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 55<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=120380238&amp;loc=d3e3842-109258<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22644-107794<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<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 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(25))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br><br>Reference 13: http://www.xbrl.org/2003/role/disclosureRef<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=121326447&amp;loc=d3e1252-109256<br><br>Reference 14: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=SL5780133-109256<br><br>Reference 15: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(27))<br> -URI http://asc.fasb.org/extlink&amp;oid=120399700&amp;loc=SL114874048-224260<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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>
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<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</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>
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</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>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</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/exampleRef<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=120380238&amp;loc=d3e4984-109258<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22644-107794<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 55<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=120380238&amp;loc=d3e3842-109258<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<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=121326447&amp;loc=d3e1252-109256<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22595-107794<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22583-107794<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=SL5780133-109256<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(27))<br> -URI http://asc.fasb.org/extlink&amp;oid=120399700&amp;loc=SL114874048-224260<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<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 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400993&amp;loc=SL114874131-224263<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 13: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=d3e1337-109256<br><br>Reference 14: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(25))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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>
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<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 foreign currency transaction realized and unrealized gain (loss) recognized in the income statement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=109240200&amp;loc=d3e30690-110894<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 35<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=121605123&amp;loc=d3e30226-110892<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 10<br> -Section 45<br> -Paragraph 17<br> -URI http://asc.fasb.org/extlink&amp;oid=120253306&amp;loc=d3e28228-110885<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450222&amp;loc=d3e30840-110895<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ForeignCurrencyTransactionGainLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_GainsLossesOnExtinguishmentOfDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 50<br> -Section 40<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=117329964&amp;loc=d3e12355-112629<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 50<br> -Section 40<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=117329964&amp;loc=d3e12317-112629<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&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_GainsLossesOnExtinguishmentOfDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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_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://fasb.org/us-gaap/role/ref/legacyRef<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=108774443&amp;loc=SL4613673-111683<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=SL5780133-109256<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22595-107794<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=120395209&amp;loc=SL114868664-224227<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&amp;loc=d3e3602-108585<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22583-107794<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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_IncomeLossFromContinuingOperationsAttributableToParentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_IncomeLossFromContinuingOperationsAttributableToParentAbstract</td>
</tr>
<tr>
<td style="padding-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_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 earnings or loss from continuing operations before income taxes that is attributable to domestic operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=120395691&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 6.I.Fact.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=116825942&amp;loc=d3e330036-122817<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<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 5: http://www.xbrl.org/2003/role/disclosureRef<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=120311839&amp;loc=d3e8736-108599<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=120395209&amp;loc=SL114868664-224227<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400993&amp;loc=SL114874131-224263<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 235<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-05(b)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=120399901&amp;loc=d3e537907-122884<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<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=120311839&amp;loc=d3e8924-108599<br><br>Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(15))<br> -URI http://asc.fasb.org/extlink&amp;oid=120399700&amp;loc=SL114874048-224260<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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_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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<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(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<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=120311839&amp;loc=d3e8736-108599<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<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=120311839&amp;loc=d3e8924-108599<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22499-107794<br><br>Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef<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=108774443&amp;loc=SL4569616-111683<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22583-107794<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=120399700&amp;loc=SL114874048-224260<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400993&amp;loc=SL114874131-224263<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<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=121326447&amp;loc=d3e1252-109256<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=d3e1337-109256<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22499-107794<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=SL5780133-109256<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(25))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br><br>Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=120399700&amp;loc=SL114874048-224260<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(27))<br> -URI http://asc.fasb.org/extlink&amp;oid=120399700&amp;loc=SL114874048-224260<br><br>Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=120395209&amp;loc=SL114868656-224227<br><br>Reference 14: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22595-107794<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=d3e1337-109256<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400993&amp;loc=SL114874131-224263<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(27))<br> -URI http://asc.fasb.org/extlink&amp;oid=120399700&amp;loc=SL114874048-224260<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22499-107794<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400993&amp;loc=SL114874131-224263<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(25))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br><br>Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=120395209&amp;loc=SL114868656-224227<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=SL5780133-109256<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<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=121326447&amp;loc=d3e1252-109256<br><br>Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400993&amp;loc=SL114874131-224263<br><br>Reference 13: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22583-107794<br><br>Reference 14: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 15: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22595-107794<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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_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>Amount of income (loss) for proportionate share of equity method investee's income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=120395209&amp;loc=SL114868664-224227<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400993&amp;loc=SL114874131-224263<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=121586364&amp;loc=d3e3602-108585<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(13)(f))<br> -URI http://asc.fasb.org/extlink&amp;oid=120399700&amp;loc=SL114874048-224260<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (g)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<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=109237563&amp;loc=d3e33749-111570<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=116825942&amp;loc=d3e330036-122817<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<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=84230637&amp;loc=d3e32672-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (h)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<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=120395691&amp;loc=d3e23780-122690<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22663-107794<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 20<br> -Section 45<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=120385591&amp;loc=d3e38679-109324<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(9))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400993&amp;loc=SL114874131-224263<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22658-107794<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 20<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120520924&amp;loc=SL6036836-161870<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=120395209&amp;loc=SL114868664-224227<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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_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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121641772&amp;loc=SL7669619-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<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=120311839&amp;loc=d3e8924-108599<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 4: 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-SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br><br>Reference 18: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22583-107794<br><br>Reference 19: http://www.xbrl.org/2003/role/disclosureRef<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(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 20: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (a)<br> -URI 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<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_NetIncomeLossAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121641772&amp;loc=SL7669625-108580<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=109239629&amp;loc=SL4573702-111684<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22658-107794<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121641772&amp;loc=SL7669619-108580<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<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=120409616&amp;loc=SL4591551-111686<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22663-107794<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_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>Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22595-107794<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<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=121326447&amp;loc=d3e1448-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<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=121326447&amp;loc=d3e1377-109256<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<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 6: http://www.xbrl.org/2003/role/disclosureRef<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=120311839&amp;loc=d3e8736-108599<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=SL5780133-109256<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 10: http://www.xbrl.org/2003/role/exampleRef<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=120311839&amp;loc=d3e8924-108599<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22583-107794<br><br>Reference 13: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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_OperatingExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_OperatingExpensesAbstract</td>
</tr>
<tr>
<td style="padding-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_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>Reference 1: http://www.xbrl.org/2003/role/exampleRef<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=120311839&amp;loc=d3e8924-108599<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<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=120311839&amp;loc=d3e8736-108599<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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_OtherNonoperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 (expense) related to nonoperating activities, 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://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherNonoperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_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/disclosureRef<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(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121641772&amp;loc=SL7669619-108580<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 7<br> -URI 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<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Revenues</td>
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<td>credit</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 );">- 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_RevenuesAbstract</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of tax expense 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_TaxesOther</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 class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<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/disclosureRef<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=121326447&amp;loc=d3e1505-109256<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_WeightedAverageNumberOfDilutedSharesOutstanding</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the weighted average total number of shares issued throughout the period including the first (beginning balance outstanding) and last (ending balance outstanding) day of the period before considering any reductions (for instance, shares held in treasury) to arrive at the weighted average number of shares outstanding. Weighted average relates to the portion of time within a reporting period that common shares have been issued and outstanding to the total time in that period. Such concept is used in determining the weighted average number of shares outstanding for purposes of calculating earnings per share (basic).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=121326447&amp;loc=d3e1448-109256<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=121326447&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>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6643265008">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EARNINGS PER SHARE<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2020</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_EarningsPerShareAbstract', window );"><strong>Earnings Per Share [Abstract]</strong></a></td>
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<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>NOTE 13. EARNINGS PER SHARE</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Earnings Per Share (&#8220;EPS&#8221;) have been computed pursuant to the provisions of ASC Topic 260, &#8220;Earnings Per Share&#8221;. 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-bottom: 0pt; margin-top: 0pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">As of March 31, 2020, the Company have 614 shares issued and 1,800,614 shares outstanding of Series A 10.0% cumulative convertible preferred stock. 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.&#160; These are considered in the computation of diluted earnings per share if the effect of applying the if-converted method is dilutive.&#160; Of the issued 1,800,614 shares of Series A 10.0% cumulative convertible preferred stock, 1,800,000 shares are held by ARL and its subsidiaries.&#160; Dividends are not paid on the shares owned by ARL.</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The 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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109243012&amp;loc=SL65017193-207537<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -URI http://asc.fasb.org/topic&amp;trid=2144383<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3630-109257<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_EarningsPerShareTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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