REAL ESTATE (Tables)

12 Months Ended

Dec. 31, 2018

Real Estate [Abstract]

Schedule of real estate owned

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

	2018			2017
Apartments	$	126,274		$	733,620
Apartments under construction		21,916			105,452
Commercial properties		224,162			200,797
Land held for development		83,641			77,560
Real estate subject to sales contract		3,149			48,234
Total real estate, at cost, less impairment		459,142			1,165,663
Less accumulated deprecation		(78,099	)		(177,546	)
Total real estate, net of depreciation	$	381,043		$	988,117

Schedule of 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