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Real Estate Owned and Held-For-Sale | 9 Months Ended
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Sep. 30, 2017
Real Estate Owned and Held-For-Sale |
Real Estate Owned and Held-For-Sale | Note 10 — Real Estate Owned and Held-For-Sale Our real estate assets at both September 30, 2017 and December 31, 2016 were comprised of a hotel property and an office building. Real Estate Owned
|  | September 30, 2017 |  | December 31, 2016 |
|  | Hotel Property |  | Office Building |  | Total |  | Hotel Property |  | Office Building |  | Total |
Land |  | $ | 3,293,651 |  | $ | 4,509,000 |  | $ | 7,802,651 |  | $ | 3,293,651 |  | $ | 4,509,000 |  | $ | 7,802,651 |
Building and intangible assets |  | 30,643,722 |  | 1,955,454 |  | 32,599,176 |  | 30,473,898 |  | 1,563,254 |  | 32,037,152 |
Less: Impairment loss |  | (13,307,354 | ) | — |  | (13,307,354 | ) | (11,200,000 | ) | — |  | (11,200,000 | )
Less: Accumulated depreciation and amortization |  | (9,089,355 | ) | (650,398 | ) | (9,739,753 | ) | (8,658,737 | ) | (489,261 | ) | (9,147,998 | )
Real estate owned, net |  | $ | 11,540,664 |  | $ | 5,814,056 |  | $ | 17,354,720 |  | $ | 13,908,812 |  | $ | 5,582,993 |  | $ | 19,491,805 |
For the nine months ended September 30, 2017 and 2016, our remaining hotel property had a weighted average occupancy rate of 55% and 58%, respectively, a weighted average daily rate of $113 and $108, respectively, and weighted average revenue per available room of $62 and $63, respectively. The operation of a hotel property is seasonal with the majority of revenues earned in the first two quarters of the calendar year. During the second quarter of 2016, through site visits and discussion with market participants, we determined that the hotel property exhibited indicators of impairment and performed an impairment analysis. As a result of this impairment analysis, we recorded an impairment loss of $11.2 million. During the first half of 2017, we received additional market analyses, including discussions with market participants, which resulted in further impairments totaling $2.7 million. Our office building was fully occupied by a single tenant until April 2017 when the lease expired. The building is currently vacant. Our real estate assets had restricted cash balances due to escrow requirements totaling $0.7 million at both September 30, 2017 and December 31, 2016. Real Estate Held-For-Sale In 2016, we sold our three remaining multifamily properties and a hotel property for a total of $50.7 million and recognized a gain of $11.6 million. A portion of the sales proceeds were used to payoff the outstanding debt on the multifamily properties of $27.1 million. The results of operations for properties classified as held-for-sale are summarized as follows:
|  | Nine Months Ended September 30, 2016 |
Revenue: |  |  |
Property operating income |  | $ | 2,845,231 |
Expenses: |  |  |
Property operating expenses |  | 1,994,346 |
Depreciation |  | 334,631 |
Net income |  | $ | 516,254 |
There were no properties classified as held-for-sale during the nine months ended September 30, 2017.

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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 FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 + Details
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