REAL ESTATE (Tables)

6 Months Ended

Jun. 30, 2013

REAL ESTATE (Tables)

Real estate owned

Below is a summary of the real estate owned as of June 30, 2013 (dollars in thousands):

Apartments	$	587,977
Commercial properties		209,440
Land held for development		153,683
Real estate held for sale		-
Real estate subject to sales contract		31,209
Total real estate		982,309
Less accumulated depreciation		(146,054	)
Total real estate, net of depreciation	$	836,255