REAL ESTATE (Tables)

12 Months Ended

Dec. 31, 2012

REAL ESTATE (Tables)

Real estate owned

A summary of our real estate owned as of the end of the year is listed below (dollars in thousands):

	2012			2011
Apartments	$	609,093		$	610,072
Apartments under construction		-			-
Commercial properties		216,343			214,111
Land held for development		153,345			173,996
Real estate held for sale		22,735			80,245
Real estate subject to sales contract		62,118			67,810
Total real estate, at cost, less impairment		1,063,634			1,146,234
Less accumulated deprecation		(166,684	)		(157,895	)
Total real estate, net of depreciation	$	896,950		$	988,339

Depreciation and useful lives

Depreciation is computed on a straight line basis over the estimated useful lives of the assets as follows:

Land improvements	25 to 40 years
Buildings and improvements	10 to 40 years
Tenant improvements	Shorter of useful life or terms of related lease
Furniture, fixtures and equipment	3 to 7 years

Fair value measurements 2012

				Fair Value Measurements Using:
December 31, 2012		Fair Value		Level 1		Level 2		Level 3
Land	$	2,699	$	---	$	1,800	$	899
Commercial	$	9,660	$	---	$	9,660	$	---

Fair value measurements 2011

				Fair Value Measurements Using:
December 31, 2011		Fair Value		Level 1		Level 2		Level 3
Land	$	55,806	$	---	$	55,806	$	---
Residential	$	30,539	$	---	$	---	$	30,539
Commercial	$	11,934	$	---	$	11,934	$	---

Fair value measurements 2010

				Fair Value Measurements Using:
December 31, 2010		Fair Value		Level 1		Level 2		Level 3
Commercial	$	0	$	---	$	0	$	---
Land	$	13,091	$	---	$	13,091	$	---