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REAL ESTATE (Table) | 12 Months Ended
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Dec. 31, 2015
Real Estate [Abstract] |
Schedule 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):
|  |  | 2015 |  |  |  | 2014 |
Apartments |  | $ | 622,761 |  |  | $ | 455,602 |
Apartments under construction |  |  | 18,230 |  |  |  | 1,512 |
Commercial properties |  |  | 215,609 |  |  |  | 193,197 |
Land held for development |  |  | 97,790 |  |  |  | 159,903 |
Real estate held for sale |  |  | — |  |  |  | — |
Real estate subject to sales contract |  |  | 49,155 |  |  |  | 21,326 |
Total real estate, at cost, less impairment |  |  | 1,003,545 |  |  |  | 831,540 |
Less accumulated deprecation |  |  | (150,038 | ) |  |  | (131,777 | )
Total real estate, net of depreciation |  | $ | 853,507 |  |  | $ | 699,763 |
Schedule of depreciation computed on a straight line basis over the estimated useful lives of the assets | 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
Schedule of assets measures in recurring and non recurring basis |
|  |  |  |  |  | Fair Value Measurements Using (dollars in thousands): |
December 31, 2015 |  |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
| Commercial |  |  | $ | 3,000 |  |  | $ | — |  |  | $ | --- |  |  | $ | 3,000 |
A commercial property (golf course) with a carrying value of approximately $8.3 million was written down to its fair value of $3.0 million resulting in an impairment charge of $5.3 million. The method used to determine fair value was an analysis of the discounted cash flow of the asset. There was no provision for impairment for the year ended December 31, 2014
|  |  |  |  |  | Fair Value Measurements Using (dollars in thousands): |
December 31, 2013 |  |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
| Land |  |  | $ | 4,899 |  |  | $ | — |  |  | $ | 4,899 |  |  | $ | --- |
| Commercial |  |  | $ | 26,194 |  |  | $ | — |  |  | $ | 26,194 |  |  | $ | — |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring and/or nonrecurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 13 -Subparagraph b -Article 5 + Details
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- Definition 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. + References No definition available. + Details
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