XML 34 R28.htm IDEA: XBRL DOCUMENT v2.4.1.9
REAL ESTATE ACTIVITY (Tables)
 12 Months Ended
Dec. 31, 2014
Schedule of summary of the real estate owned  
Schedule of summary of the real estate owned

A summary of our real estate owned as of the end of the year is listed below (dollars in thousands):

 

 

 

2014

 

 

2013

 

 

 

 

 

 

 

 

Apartments

 

$

455,602

 

 

$

436,109

 

Apartments under construction

 

 

1,512

 

 

 

-

 

Commercial properties

 

 

193,197

 

 

 

214,486

 

Land held for development

 

 

159,903

 

 

 

149,103

 

Real estate held for sale

 

 

-

 

 

 

18,817

 

Real estate subject to sales contract

 

 

21,326

 

 

 

29,547

 

Total real estate, at cost, less impairment

 

 

831,540

 

 

 

848,062

 

Less accumulated deprecation

 

 

(131,777

)

 

 

(147,768

)

Total real estate, net of depreciation

 

$

699,763

 

 

$

700,294

 
Schedule of Depreciation is computed on a straight line basis over the estimated useful lives of the assets Table Text Block

Depreciation is computed on a straight line basis over the estimated useful lives of the assets as follows:

 

 

 

 

Land improvements

25 to 40 years

 

Buildings and improvements

10 to 40 years

 

Tenant improvements

Shorter of useful life or terms of related lease

 

Furniture, fixtures and equipment

3 to 7 years