Real Estate Owned

3 Months Ended

Mar. 31, 2018

Real Estate Owned

Real Estate Owned

Note 9 — Real Estate Owned

Our real estate assets at both March 31, 2018 and December 31, 2017 were comprised of a hotel property and an office building.

Real Estate Owned

	March 31, 2018									December 31, 2017
(in thousands)	Hotel Property			Office Building			Total			Hotel Property			Office Building			Total
Land	$	3,294		$	4,509		$	7,803		$	3,294		$	4,509		$	7,803
Building and intangible assets	30,765			2,010			32,775			30,699			2,010			32,709
Less: Impairment loss	(13,307		)	(500		)	(13,807		)	(13,307		)	(500		)	(13,807		)
Less: Accumulated depreciation and amortization	(9,367		)	(729		)	(10,096		)	(9,228		)	(690		)	(9,918		)
Real estate owned, net	$	11,385		$	5,290		$	16,675		$	11,458		$	5,329		$	16,787

For the three months ended March 31, 2018 and 2017, our hotel property had a weighted average occupancy rate of 58% and 55%, respectively, a weighted average daily rate of $128 and $134, respectively, and weighted average revenue per available room of $75 and $73, respectively.  The operation of a hotel property is seasonal with the majority of revenues earned in the first two quarters of the calendar year.

Our office building was fully occupied by a single tenant until April 2017 when the lease expired. The building is currently vacant.

Our real estate owned assets had restricted cash balances totaling $0.6 million and $0.7 million at March 31, 2018 and December 31, 2017, respectively, due to escrow requirements.