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Summary of the real estate owned as of (Tables) | 3 Months Ended
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Mar. 31, 2014
Summary of the real estate owned as of |
Summary of the real estate owned as of | Below is a summary of the real estate owned as of March 31, 2014 (dollars in thousands):
Apartments |  | $ | 436,109 |
Commercial properties |  |  | 178,579 |
Land held for development |  |  | 156,272 |
Real estate held for sale |  |  | 37,069 |
Real estate subject to sales contract |  |  | 25,371 |
Total real estate |  | $ | 833,400 |
Less accumulated depreciation |  |  | (149,786 | )
Total real estate, net of depreciation |  | $ | 683,614 |

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