REAL ESTATE (Tables)

12 Months Ended

Dec. 31, 2018

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):

	2018			2017
Apartments	$	126,274		$	737,661
Apartments under construction		25,289			104,791
Commercial properties		224,167			200,803
Land held for development		84,016			69,466
Real estate subject to sales contract		3,986			45,739
Total real estate, at cost, less impairment		463,732			1,158,460
Less accumulated deprecation		(79,228	)		(178,590	)
Total real estate, net of depreciation	$	384,504		$	979,870

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