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Real Estate Owned and Held-For-Sale (Tables)

9 Months Ended

Sep. 30, 2017

Real Estate Owned and Held-For-Sale

Schedule of 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

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

		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