Real Estate Investments And Accumulated Depreciation

12 Months Ended

Dec. 31, 2014

Real Estate Investments And Accumulated Depreciation [Abstract]

Real Estate Investments And Accumulated Depreciation

Schedule III – Real Estate Investments and Accumulated Depreciation

BBX Capital Corporation

As of December 31, 2014

(Dollars in thousands)

		Initial Costs		Capitalized Costs						Depreciable
			Building and	Subsequent to		Total	Accumulated	Year of	Foreclosure	Lives
Property (1)(2)		Land	Improvements	Acquisition	Other	Cost (3)	Depreciation	Construction	Month/Year	(Years)
Villa San Michele	$	880	5,260	-	-	6,140	45	2008	9/2013	40
Eagles Point		885	7,515	-	-	8,400	50	1983	1/2013	40
RoboVault		1,590	6,310	-	-	7,900	535	2009	4/2013	40
Total	$	3,355	19,085	-	-	22,440	630

(1)  The Villa San Michele and Eagles Point properties are student apartments located in Tallahassee, Florida.  The RoboVault property is a public storage facility located in Fort Lauderdale, Florida.

(2)  The Company recognized impairments on the Villa San Michele and Eagles Point properties of $5.4 million and $2.6 million, respectively.  The properties were evaluated for impairment during the year ended December 31, 2014 due to a decline in occupancy rates and rents per unit.

(3)  The aggregate cost for federal income tax purposes is $30.6 million.

The following table presents the changes in the Company’s real estate investments for the year ended December 31, 2014 (in thousands):

		Total	Accumulated
		Costs	Depreciation
Balance at December 31, 2013	$	19,086	229
Acquisition through foreclosures		11,562	-
Other acquisitions		-	-
Improvements		-	-
Depreciation		(203)	401
Impairments		(8,005)	-
Cost of real estate sold		-	-
Balance at December 31, 2014	$	22,440	630