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Real Estate Owned and Held-For-Sale | 9 Months Ended
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Sep. 30, 2014
Real Estate Owned and Held-For-Sale |
Real Estate Owned and Held-For-Sale | Note 6 — Real Estate Owned and Held-For-Sale Real Estate Owned
|  | September 30, 2014 |  | December 31, 2013 |
|  | Multifamily Portfolio |  | Hotel Portfolio |  | Total |  | Multifamily Portfolio |  | Hotel Portfolio |  | Total |
Land |  | $ | 5,538,844 |  | $ | 10,893,651 |  | $ | 16,432,495 |  | $ | 11,382,579 |  | $ | 10,893,651 |  | $ | 22,276,230 |
Building and intangible assets |  | 31,129,305 |  | 63,121,573 |  | 94,250,878 |  | 46,115,430 |  | 61,632,645 |  | 107,748,075 |
Less: accumulated depreciation and amortization |  | (7,077,163 | ) | (12,868,073 | ) | (19,945,236 | ) | (8,598,915 | ) | (9,707,213 | ) | (18,306,128 | )
Real estate owned, net |  | $ | 29,590,986 |  | $ | 61,147,151 |  | $ | 90,738,137 |  | $ | 48,899,094 |  | $ | 62,819,083 |  | $ | 111,718,177 |
The Company’s real estate owned assets were comprised of three multifamily properties (the “Multifamily Portfolio”) and five hotel properties (the “Hotel Portfolio”) at September 30, 2014. In the third quarter of 2014, a property in the Multifamily Portfolio was sold to a third party for $3.1 million. In connection with this sale, the Company recorded a loss on sale of $0.2 million and a reduction of the mortgage note payable of $3.4 million. During the first quarter of 2014, the Company recorded an impairment loss of $0.3 million related to this property as a result of an impairment analysis based on the indicators of value from the market participants. In the third quarter of 2014, three properties in the Multifamily Portfolio were classified as held-for sale with a total carrying value of $26.4 million and a first lien mortgage of $23.8 million. In the second quarter of 2014, a property in the Multifamily Portfolio with a carrying value of $11.4 million and a first lien mortgage of $11.0 million was reclassified from real estate held-for-sale to real estate owned, net as a proposed sale for this property failed to close and the property no longer met the requirements for classification as discontinued operations or real estate held-for-sale. In connection with this reclassification, the Company recorded depreciation of $0.3 million in the second quarter of 2014. As of September 30, 2014 and December 31, 2013, the Multifamily Portfolio had mortgage note payable of $25.0 million and $42.7 million, respectively, and a weighted average occupancy rate of approximately 86% and 85%, respectively. For the nine months ended September 30, 2014 and 2013, the Company’s Hotel Portfolio had a weighted average occupancy rate of approximately 57% and 56%, respectively, a weighted average daily rate of approximately $79 and $80, respectively, and a weighted average revenue per available room of approximately $44 and $45, respectively. The Company’s real estate assets had restricted cash balances totaling $1.5 million and $0.9 million as of September 30, 2014 and December 31, 2013, respectively, due to escrow requirements. Real Estate Held-For-Sale As described above, during the third quarter of 2014, three properties in the Multifamily Portfolio were classified as held-for sale with a carrying value of $26.4 million and a first lien mortgage of $23.8 million. In the fourth quarter of 2014, one of the properties classified as held-for-sale with a carrying value of $11.0 million was sold for a gain of approximately $0.5 million. The results of operations for properties classified as held-for-sale are summarized as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Revenue: |  |  |  |  |  |  |  |  |
Property operating income |  | $ | 1,526,804 |  | $ | 1,419,470 |  | $ | 4,438,060 |  | $ | 4,096,936 |
Expenses: |  |  |  |  |  |  |  |  |
Property operating expense |  | 1,213,009 |  | 1,183,182 |  | 3,546,261 |  | 3,539,459 |
Depreciation |  | 392,451 |  | 344,087 |  | 1,150,675 |  | 990,790 |
Net loss |  | $ | (78,656 | ) | $ | (107,799 | ) | $ | (258,876 | ) | $ | (433,313 | )

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -SubTopic 360 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28) -URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 28 -Article 12 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule III -Article 5 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 10 -Subparagraph 4 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 + Details
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