REAL ESTATE (Tables)

9 Months Ended

Sep. 30, 2014

REAL ESTATE (Tables)

Real estate owned

Below is a summary of the real estate owned as of September 30, 2014 (dollars in thousands):

Apartments	$	406,461
Commercial properties		165,249
Land held for development		145,865
Real estate held for sale		46,355
Real estate subject to sales contract		23,175
Total real estate	$	787,105
Less accumulated depreciation		(113,282	)
Total real estate, net of depreciation	$	673,823