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REAL ESTATE ACTIVITY (Tables) | 3 Months Ended
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Mar. 31, 2015
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 March 31, 2015 (dollars in thousands):
Apartments |  | $ | 455,856 |
Apartments under construction |  |  | 1,514 |
Commercial properties |  |  | 196,398 |
Land held for development |  |  | 157,591 |
Real estate subject to sales contract |  |  | 21,434 |
Total real estate |  | $ | 832,793 |
Less accumulated depreciation |  |  | (136,187 | )
Total real estate, net of depreciation |  | $ | 696,606 |

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