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REAL ESTATE ACTIVITY (Tables) | 9 Months Ended
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Sep. 30, 2014
Schedule of summary of the real estate owned |
Schedule of summary of the real estate owned | Below is a summary of the real estate owned as of September 30, 2014 (dollars in thousands):
Apartments |  | $ | 409,430 |
Commercial properties |  |  | 178,824 |
Land held for development |  |  | 157,290 |
Real estate held for sale |  |  | 46,354 |
Real estate subject to sales contract |  |  | 21,806 |
Total real estate |  | $ | 813,704 |
Less accumulated depreciation |  |  | (129,630 | )
Total real estate, net of depreciation |  | $ | 684,074 |

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