Residential Real Estate (Tables)

9 Months Ended

Sep. 30, 2013

Other Investments

Schedule of properties

Type	Depreciable Life	Acquisition Cost		Cost Capitalized Subsequent to Acquisition		Accumulated Depreciation		Net Book Value
Building	30 years	$	173,554	$	19,909	$	3,086	$	190,377
Land	—	49,706		—		—		49,706
Furniture & Fixtures	5 years	167		616		105		678
Development Assets (1)	—	291,058		16,203		—		307,261
		$	514,485	$	36,728	$	3,191	$	548,022

(1) Development Assets represent residential properties that are being renovated or otherwise prepared for their intended use, which is either sale or rental. Costs incurred during the development period are capitalized.