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Real Estate Owned and Held-For-Sale (Tables)
 9 Months Ended
Sep. 30, 2014
Real Estate Owned and Held-For-Sale  
Schedule of real estate owned

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

 

 

Schedule of results of operations for properties classified as held-for-sale

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

)