REAL ESTATE (Tables)

12 Months Ended

Dec. 31, 2013

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):

	2013			2012
Apartments	$	433,141		$	609,093
Apartments under construction		-			-
Commercial properties		203,823			216,343
Land held for development		141,010			153,345
Real estate held for sale		18,817			22,735
Real estate subject to sales contract		31,302			62,118
Total real estate, at cost, less impairment		828,093			1,063,634
Less accumulated deprecation		(132,291	)		(166,684	)
Total real estate, net of depreciation	$	695,802		$	896,950