Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2011

Real Estate and Accumulated Depreciation Disclosure [Text Block]

SCHEDULE III

OWENS MORTGAGE INVESTMENT FUND

REAL ESTATE AND ACCUMULATED DEPRECIATION — DECEMBER 31, 2011

			Capitalized			Carrying			Accumulated			Date	Depreciable
Description	Encumbrances	Initial Cost	Costs	Sales		Value			Depreciation			Acquired	Lives
Office Condominium Complex, Roseville, California	None	8,569,286	128,801	(893,595	)		4,068,199	Note 4		(25,586	)	9/26/2008	N/A
Retail Complex, Greeley, Colorado	$10,242,431 Note Payable	9,307,001	7,245,575	(128,274	)		12,308,400			(4,115,903	)	7/31/2000	1-39 Years
75 Improved, Residential Lots, Auburn, California	None	13,746,625	5,445	—			3,878,400	Note 5		—		9/27/2007	N/A
Storage Facility/Business, Stockton, California	None	5,674,000	26,245	—			4,118,400	Note 6		—		6/3/2008	15-39 Years
Eight Townhomes, Santa Barbara, California	None	10,852,132	9,172	—			7,990,000	Note 7		—		2/18/2009	5-27.5 Years
Industrial Building, Sunnyvale, California	None	3,428,885	54,514	—			3,294,903			(188,496	)	11/5/2009	10-39 Years
133 Condominium Units, Phoenix, Arizona	None	5,822,597	997,193	—			5,376,000	Note 8		—		11/18/2009	5-27.5 Years
Medical Office Condominium Complex, Gilbert, Arizona	None	5,040,000	91,788	—			4,958,857			(172,930	)	5/19/2010	39 Years
60 Condominium Units, Lakewood, Washington	None	6,616,881	65,502	—			4,800,000	Note 9		—		8/20/2010	27.5 Years
Commercial Building, Sacramento, California	None	3,890,968	—	—			3,890,968			—		9/3/2010	N/A
Apartment Complex, Ripon, California	None	4,387,200	—	—			4,246,550			(140,650	)	10/29/2010	27.5 Years
45 Condominium Units, Oakland, California	None	8,947,200	—	—			8,653,490			(293,710	)	12/1/2010	27.5 Years
168 Condominium Units & 160 Unit Vacant Apartment Building, Miami, Florida	None	34,560,000	—	—			34,011,709			(548,291	)	2/2/2011	27.5 Years
Industrial Building/Warehouse, Chico, California	None	9,088,460	4,600	—			6,720,000	Note 10		—		1/6/2011	39 Years
Industrial Land, Pomona, California	None	7,315,000	—	—			7,315,000			—		8/25/2011	N/A
Residential and Commercial Land, Gypsum, Colorado	None	16,680,000	—	—			9,600,000			—		10/1/2011	N/A
Miscellaneous Real Estate	None						20,360,784			(973,146	)	Various	Various
TOTALS						$	145,591,660		$	(6,458,712	)

NOTE 1: All real estate listed above was acquired through foreclosure or deed in lieu of foreclosure.

NOTE 2: Changes in real estate held for sale and investment were as follows:

Balance at beginning of period (1/1/10)	$	79,888,536
Additions during period:
Acquisitions through foreclosure		28,882,248
Investments in real estate properties		1,059,836
Subtotal		109,830,620
Deductions during period:
Cost of real estate properties sold		2,257,566
Impairment losses on real estate properties		8,907,219
Depreciation of properties held for investment		1,599,636
Balance at end of period (12/31/10)	$	97,066,199
Balance at beginning of period (1/1/11)	$	97,066,199
Additions during period:
Acquisitions through foreclosure		65,007,119
Investments in real estate properties		1,464,155
Subtotal		163,537,473
Deductions during period:
Cost of real estate properties sold		—
Impairment losses on real estate properties		15,022,659
Depreciation of properties held for investment		2,923,154
Balance at end of period (12/31/11)	$	145,591,660

NOTE 3: Changes in accumulated depreciation were as follows:

Balance at beginning of period (1/1/10)	$	4,388,466
Additions during period:
Depreciation expense		1,599,637
Subtotal		5,988,103
Deductions during period:
Accumulated depreciation on real estate moved to held for sale		100,193
Balance at end of period (12/31/10)	$	5,887,910
Balance at beginning of period (1/1/11)	$	5,887,910
Additions during period:
Depreciation expense		2,923,155
Previous accumulated depreciation on real estate moved back to held for investment		121,343
Subtotal		8,932,408
Deductions during period:
Accumulated depreciation on real estate moved to held for sale		295,996
Accumulated depreciation netted with cost basis for real estate written down to fair value		2,177,700
Balance at end of period (12/31/11)	$	6,458,712

NOTE 4: Write-downs totaling $3,712,706 were recorded on this property during 2010 and 2011 based on third party appraisals and comparable sales.

NOTE 5: Write-downs totaling $9,873,670 were recorded on this property during 2009 through 2011 based on broker's opinions of value and a third party appraisals.

NOTE 6: Write-downs totaling $1,183,571 were recorded on this property during 2009 and 2011 based on third party appraisals.

NOTE 7: A write-down of  $1,898,713 was recorded on this property during 2011 based on a third party appraisal.

NOTE 8: A write-down of  $1,115,660 was recorded on this property during 2011 based on a third party appraisal.

NOTE 9: A write-down of  $1,608,100 was recorded on this property during 2011 based on a third party appraisal.

NOTE 10: A write-down of  $2,168,639 was recorded on this property during 2011 based on a third party appraisal.

NOTE 11: The aggregate cost of the above real estate properties for Federal income tax purposes is approximately $187,869,000.