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Real Estate Owned and Held-For-Sale | 6 Months Ended
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Jun. 30, 2015
Real Estate Owned and Held-For-Sale |
Real Estate Owned and Held-For-Sale | Note 6 — Real Estate Owned and Held-For-Sale Our real estate assets were comprised of three multifamily properties (the “Multifamily Portfolio”) and four hotel properties (the “Hotel Portfolio”) at June 30, 2015 and four multifamily properties and five hotel properties at December 31, 2014. As of June 30, 2015 and December 31, 2014, the Multifamily Portfolio had a mortgage note payable of $27.2 million and $31.0 million, respectively. See Note 7 — “Debt Obligations” for further details. Real Estate Owned
|  | June 30, 2015 |  | December 31, 2014 |
|  | Multifamily Portfolio |  | Hotel Portfolio |  | Total |  | Multifamily Portfolio |  | Hotel Portfolio |  | Total |
Land |  | $ | 5,538,844 |  | $ | 7,093,651 |  | $ | 12,632,495 |  | $ | 5,538,844 |  | $ | 9,393,651 |  | $ | 14,932,495 |
Building and intangible assets |  | 31,922,974 |  | 46,994,766 |  | 78,917,740 |  | 31,249,869 |  | 58,818,891 |  | 90,068,760 |
Less: accumulated depreciation and amortization |  | (8,420,932 | ) | (11,241,254 | ) | (19,662,186 | ) | (7,414,267 | ) | (12,661,347 | ) | (20,075,614 | )
Real estate owned, net |  | $ | 29,040,886 |  | $ | 42,847,163 |  | $ | 71,888,049 |  | $ | 29,374,446 |  | $ | 55,551,195 |  | $ | 84,925,641 |
As of June 30, 2015 and December 31, 2014, our Multifamily Portfolio had a weighted average occupancy rate of approximately 91% and 90%, respectively. For the six months ended June 30, 2015 and 2014, our Hotel Portfolio had a weighted average occupancy rate of approximately 55% and 58%, respectively, a weighted average daily rate of approximately $96 and $91, respectively, and a weighted average revenue per available room of approximately $53 for both periods. The operation of the hotel properties are seasonal with the majority of revenues earned in the first two quarters of the calendar year. Our real estate assets had restricted cash balances totaling $1.1 million and $1.7 million as of June 30, 2015 and December 31, 2014, respectively, due to escrow requirements. Real Estate Held-For-Sale In the second quarter of 2015, a property in the Hotel Portfolio with a carrying value of $11.2 million was reclassified from real estate owned to real estate held-for-sale due to a proposed sale. This sale transaction is expected to close in late 2015. In the first quarter of 2015, we sold a property in our Multifamily Portfolio as well as a property in the Hotel Portfolio classified as held-for-sale for a total of $18.8 million and recognized a gain of $4.0 million. There were no sales of property in the six months ended June 30, 2014. The results of operations for properties classified as held-for-sale are summarized as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2015 |  | 2014 |  | 2015 |  | 2014 |
Revenue: |  |  |  |  |  |  |  |  |
Property operating income |  | $ | 1,367,641 |  | $ | 2,297,277 |  | $ | 3,349,979 |  | $ | 4,932,057 |
Expenses: |  |  |  |  |  |  |  |  |
Property operating expense |  | 1,016,112 |  | 1,747,434 |  | 2,323,404 |  | 3,512,305 |
Depreciation |  | 212,020 |  | 440,710 |  | 436,326 |  | 873,168 |
Net income |  | $ | 139,509 |  | $ | 109,133 |  | $ | 590,249 |  | $ | 546,584 |

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