Investments In Real Estate

3 Months Ended

Mar. 31, 2013

Investments In Real Estate

NOTE 5: INVESTMENTS IN REAL ESTATE

The table below summarizes our investments in real estate:

	As of March 31, 2013					As of December 31, 2012
	Book Value			Number of Properties		Book Value			Number of Properties
Multi-family real estate properties	$	615,059			34	$	613,888			34
Office real estate properties		273,570			11		271,847			11
Retail real estate properties		83,018			4		82,081			4
Parcels of land		48,100			10		47,765			10
Subtotal		1,019,747			59		1,015,581			59
Less: Accumulated depreciation and amortization		(104,828	)				(97,392	)
Investments in real estate	$	914,919				$	918,189

As of March 31, 2013, our investments in real estate of $914,919 are financed through $144,333 of mortgages held by third parties and $833,679 of mortgages held by our consolidated commercial real estate securitizations: RAIT CRE CDO I, Ltd., or RAIT I, and RAIT Preferred Funding II, Ltd., or RAIT II. As of December 31, 2012, our investments in real estate of $918,189 are financed through $144,645 of mortgages held by third parties and $830,077 of mortgages held by RAIT I and RAIT II. Together, along with commercial real estate loans held by RAIT I and RAIT II, these mortgages serve as collateral for the CDO notes payable issued by RAIT I and RAIT II. All intercompany balances and interest charges are eliminated in consolidation.

During the three-month period ended March 31, 2013, we did not acquire or dispose of any real estate properties.