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REAL ESTATE ACTIVITY (Table)

6 Months Ended

Jun. 30, 2015

Real Estate Activity Table

Schedule of the real estate owned

Below is a summary of the real estate owned as of June 30, 2015 (dollars in thousands):

Apartments		$	543,524
Apartments under construction			3,261
Commercial properties			216,941
Land held for development			158,117
Real estate subject to sales contract			21,507
Total real estate		$	943,350
Less accumulated depreciation			(141,436	)
Total real estate, net of depreciation		$	801,914

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Tabular disclosure of nonconsolidated investments in real estate including interests in corporations, partnerships and joint ventures. Disclosures may include summarized aggregate financial statements for the real estate investments.

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