REAL ESTATE ACTIVITY (Tables)

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

Schedule of the real estate owned

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

	2016			2015
Apartments	$	697,732		$	626,141
Apartments under construction		25,288			18,229
Commercial properties		204,384			201,567
Land held for development		71,094			89,697
Real estate subject to sales contract		46,956			47,192
Total real estate, at cost, less impairment		1,045,454			982,827
Less accumulated deprecation		(154,281	)		(138,808	)
Total real estate, net of depreciation	$	891,173		$	844,019

Schedule of estimated useful lives of the assets

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

Schedule of assets measures in recurring and non recurring basis

The fair value measurements used in these evaluations are considered to be Level 2 and 3 valuations within the fair value hierarchy in the accounting rules, as there are significant observable (Level 2) and unobservable inputs (Level 3). Examples of Level 2 inputs the Company utilizes in its fair value calculations are appraisals and bona fide purchase offers from third parties. Examples of Level 3 inputs the Company utilizes in its fair value calculations are discount rates, market capitalization rates, expected lease rental rates, timing of new leases, an estimate of future sales prices and comparable sales prices of similar assets, if available.

				Fair Value Measurements Using (dollars in thousands):
December 31, 2015		Fair Value		Level 1		Level 2		Level 3
	Commercial	$	3,000	$	—	$	—	$	3,000