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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2013

Schedule of assets required to be measured at fair value on a nonrecurring basis

	Year Ended December 31, 2012
Description	Total		Level 1		Level 2		Level 3

Operating real estate assets	$	2,430,164	$	—	$	—	$	2,430,164
Real estate under development	8,008,000		—		—		8,008,000
Real estate assets held for sale	14,700,919		—		—		14,700,919
Assets related to discontinued operations	4,684,088		—		—		4,684,088

Total assets	$	29,823,171	$	—	$	—	$	29,823,171

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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