SCHEDULE III - REAL ESTATE OWNED (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Real Estate and Accumulated Depreciation
Encumbrances	$ 961,180
Initial Costs, Land and Land Improvements	2,526,269
Initial Costs, Buildings and Improvements	8,786,538
Total Initial Acquisition Costs	11,312,807
Costs of Improvements Capitalized Subsequent to Acquisition Costs	5,175,078
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,829,211
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	13,658,674
Total Carrying Value	16,487,885	$ 16,213,363	$ 16,023,859
Accumulated Depreciation	7,374,546	6,901,026	6,267,830
Aggregate cost for federal income tax purposes	15,900,000
Reconciliation of the carrying amount of total real estate owned
Balance at beginning of the year	16,213,363	16,023,859	15,570,072
Real estate acquired (including joint venture consolidation)	322,391		410,581
Capital expenditures and development	313,137	295,548	441,606
Real estate sold	(361,006)	(106,044)	(398,400)
Balance at end of the year	16,487,885	16,213,363	16,023,859
Reconciliation of total accumulated depreciation for real estate owned
Balance at beginning of the year	6,901,026	6,267,830	5,762,501
Depreciation expense for the year	648,694	660,805	668,899
Accumulated depreciation on sales	(175,174)	(27,609)	(163,570)
Balance at end of year	$ 7,374,546	$ 6,901,026	$ 6,267,830
Minimum
Real Estate and Accumulated Depreciation
Depreciable life for all buildings	30 years
Maximum
Real Estate and Accumulated Depreciation
Depreciable life for all buildings	55 years
TOTAL REAL ESTATE UNDER DEVELOPMENT
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	$ 13,468
Total Initial Acquisition Costs	13,468
Costs of Improvements Capitalized Subsequent to Acquisition Costs	59,417
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	13,468
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	59,417
Total Carrying Value	72,885
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	72,885
TOTAL REAL ESTATE UNDER DEVELOPMENT | 3001 Iowa Ave
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	13,468
Total Initial Acquisition Costs	13,468
Costs of Improvements Capitalized Subsequent to Acquisition Costs	59,417
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	13,468
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	59,417
Total Carrying Value	72,885
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	72,885
LAND
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	159,048
Initial Costs, Buildings and Improvements	1,467
Total Initial Acquisition Costs	160,515
Costs of Improvements Capitalized Subsequent to Acquisition Costs	77,035
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	166,824
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	70,726
Total Carrying Value	237,550
Accumulated Depreciation	906
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	237,550
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	906
LAND | Vitruvian Park
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	22,547
Initial Costs, Buildings and Improvements	1,467
Total Initial Acquisition Costs	24,014
Costs of Improvements Capitalized Subsequent to Acquisition Costs	18,690
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	30,323
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	12,381
Total Carrying Value	42,704
Accumulated Depreciation	906
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	42,704
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	906
LAND | Alameda Point Block 11
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	25,006
Total Initial Acquisition Costs	25,006
Costs of Improvements Capitalized Subsequent to Acquisition Costs	9,913
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	25,006
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	9,913
Total Carrying Value	34,919
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	34,919
LAND | Newport Village II
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,237
Total Initial Acquisition Costs	5,237
Costs of Improvements Capitalized Subsequent to Acquisition Costs	21,414
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,237
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	21,414
Total Carrying Value	26,651
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	26,651
LAND | 2727 Turtle Creek
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	90,205
Total Initial Acquisition Costs	90,205
Costs of Improvements Capitalized Subsequent to Acquisition Costs	17,576
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	90,205
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	17,576
Total Carrying Value	107,781
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	107,781
LAND | 488 Residence at Riverwalk
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	16,053
Total Initial Acquisition Costs	16,053
Costs of Improvements Capitalized Subsequent to Acquisition Costs	9,442
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,053
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	9,442
Total Carrying Value	25,495
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	25,495
COMMERCIAL
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	9,882
Initial Costs, Buildings and Improvements	4,861
Total Initial Acquisition Costs	14,743
Costs of Improvements Capitalized Subsequent to Acquisition Costs	31,189
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,675
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	28,257
Total Carrying Value	45,932
Accumulated Depreciation	17,665
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	45,932
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,665
COMMERCIAL | Brookhaven Shopping Center
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs	31,188
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,793
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	23,395
Total Carrying Value	31,188
Accumulated Depreciation	16,549
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	31,188
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,549
COMMERCIAL | 3001 Iowa Ave Commercial
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	9,882
Initial Costs, Buildings and Improvements	4,861
Total Initial Acquisition Costs	14,743
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,882
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	4,862
Total Carrying Value	14,744
Accumulated Depreciation	1,116
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,744
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,116
TOTAL CORPORATE
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,034
Initial Costs, Buildings and Improvements	20,534
Total Initial Acquisition Costs	23,568
Costs of Improvements Capitalized Subsequent to Acquisition Costs	25,476
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,216
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	45,828
Total Carrying Value	49,044
Accumulated Depreciation	11,140
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	49,044
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,140
TOTAL CORPORATE | Other
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs	15,723
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	133
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	15,590
Total Carrying Value	15,723
Accumulated Depreciation	1,100
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	15,723
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,100
TOTAL CORPORATE | 1745 Shea Center I
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,034
Initial Costs, Buildings and Improvements	20,534
Total Initial Acquisition Costs	23,568
Costs of Improvements Capitalized Subsequent to Acquisition Costs	9,753
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,083
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	30,238
Total Carrying Value	33,321
Accumulated Depreciation	10,040
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	33,321
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,040
TOTAL COMMERCIAL & CORPORATE
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	12,916
Initial Costs, Buildings and Improvements	25,395
Total Initial Acquisition Costs	38,311
Costs of Improvements Capitalized Subsequent to Acquisition Costs	56,665
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	20,891
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	74,085
Total Carrying Value	94,976
Accumulated Depreciation	28,805
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	94,976
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,805
TOTAL OPERATING COMMUNITIES
Real Estate and Accumulated Depreciation
Encumbrances	964,475
Initial Costs, Land and Land Improvements	2,340,837
Initial Costs, Buildings and Improvements	8,759,676
Total Initial Acquisition Costs	11,100,513
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,981,961
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,628,028
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	13,454,446
Total Carrying Value	16,082,474
Accumulated Depreciation	7,344,835
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	16,082,474
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,344,835
WEST REGION
Real Estate and Accumulated Depreciation
Encumbrances	27,000
Initial Costs, Land and Land Improvements	891,893
Initial Costs, Buildings and Improvements	2,021,983
Total Initial Acquisition Costs	2,913,876
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,854,634
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,003,696
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	3,764,814
Total Carrying Value	4,768,510
Accumulated Depreciation	2,421,649
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	4,768,510
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,421,649
ORANGE COUNTY, CA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	365,353
Initial Costs, Buildings and Improvements	271,946
Total Initial Acquisition Costs	637,299
Costs of Improvements Capitalized Subsequent to Acquisition Costs	786,182
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	417,960
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,005,521
Total Carrying Value	1,423,481
Accumulated Depreciation	694,649
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,423,481
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	694,649
ORANGE COUNTY, CA | Harbor at Mesa Verde
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	20,476
Initial Costs, Buildings and Improvements	28,538
Total Initial Acquisition Costs	49,014
Costs of Improvements Capitalized Subsequent to Acquisition Costs	32,395
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	23,025
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	58,384
Total Carrying Value	81,409
Accumulated Depreciation	48,990
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	81,409
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	48,990
ORANGE COUNTY, CA | 27 Seventy Five Mesa Verde
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	99,329
Initial Costs, Buildings and Improvements	110,644
Total Initial Acquisition Costs	209,973
Costs of Improvements Capitalized Subsequent to Acquisition Costs	121,398
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	118,154
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	213,217
Total Carrying Value	331,371
Accumulated Depreciation	186,939
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	331,371
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	186,939
ORANGE COUNTY, CA | Huntington Vista
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,055
Initial Costs, Buildings and Improvements	22,486
Total Initial Acquisition Costs	30,541
Costs of Improvements Capitalized Subsequent to Acquisition Costs	20,421
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,610
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	41,352
Total Carrying Value	50,962
Accumulated Depreciation	33,614
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	50,962
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,614
ORANGE COUNTY, CA | Missions at Back Bay
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	229
Initial Costs, Buildings and Improvements	14,129
Total Initial Acquisition Costs	14,358
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,275
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,205
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	10,428
Total Carrying Value	21,633
Accumulated Depreciation	7,564
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	21,633
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,564
ORANGE COUNTY, CA | Eight 80 Newport Beach - North
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	62,516
Initial Costs, Buildings and Improvements	46,082
Total Initial Acquisition Costs	108,598
Costs of Improvements Capitalized Subsequent to Acquisition Costs	75,638
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	72,722
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	111,514
Total Carrying Value	184,236
Accumulated Depreciation	85,078
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	184,236
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	85,078
ORANGE COUNTY, CA | Eight 80 Newport Beach - South
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	58,785
Initial Costs, Buildings and Improvements	50,067
Total Initial Acquisition Costs	108,852
Costs of Improvements Capitalized Subsequent to Acquisition Costs	66,609
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	63,868
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	111,593
Total Carrying Value	175,461
Accumulated Depreciation	81,517
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	175,461
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	81,517
ORANGE COUNTY, CA | Beach & Ocean
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	12,878
Total Initial Acquisition Costs	12,878
Costs of Improvements Capitalized Subsequent to Acquisition Costs	42,113
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	13,606
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	41,385
Total Carrying Value	54,991
Accumulated Depreciation	25,675
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	54,991
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,675
ORANGE COUNTY, CA | The Residences at Bella Terra
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	25,000
Total Initial Acquisition Costs	25,000
Costs of Improvements Capitalized Subsequent to Acquisition Costs	134,604
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	26,090
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	133,514
Total Carrying Value	159,604
Accumulated Depreciation	86,650
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	159,604
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	86,650
ORANGE COUNTY, CA | The Residences at Pacific City
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	78,085
Total Initial Acquisition Costs	78,085
Costs of Improvements Capitalized Subsequent to Acquisition Costs	285,729
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	79,680
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	284,134
Total Carrying Value	363,814
Accumulated Depreciation	138,622
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	363,814
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	138,622
SAN FRANCISCO, CA
Real Estate and Accumulated Depreciation
Encumbrances	27,000
Initial Costs, Land and Land Improvements	183,189
Initial Costs, Buildings and Improvements	536,932
Total Initial Acquisition Costs	720,121
Costs of Improvements Capitalized Subsequent to Acquisition Costs	520,339
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	193,864
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,046,596
Total Carrying Value	1,240,460
Accumulated Depreciation	634,009
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,240,460
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	634,009
SAN FRANCISCO, CA | 2000 Post Street
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	9,861
Initial Costs, Buildings and Improvements	44,578
Total Initial Acquisition Costs	54,439
Costs of Improvements Capitalized Subsequent to Acquisition Costs	49,496
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	14,829
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	89,106
Total Carrying Value	103,935
Accumulated Depreciation	63,600
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	103,935
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	63,600
SAN FRANCISCO, CA | Birch Creek
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,365
Initial Costs, Buildings and Improvements	16,696
Total Initial Acquisition Costs	21,061
Costs of Improvements Capitalized Subsequent to Acquisition Costs	13,830
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,797
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	33,094
Total Carrying Value	34,891
Accumulated Depreciation	24,150
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	34,891
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,150
SAN FRANCISCO, CA | Highlands Of Marin
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,996
Initial Costs, Buildings and Improvements	24,868
Total Initial Acquisition Costs	30,864
Costs of Improvements Capitalized Subsequent to Acquisition Costs	35,487
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,509
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	57,842
Total Carrying Value	66,351
Accumulated Depreciation	47,222
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	66,351
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	47,222
SAN FRANCISCO, CA | Marina Playa
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,224
Initial Costs, Buildings and Improvements	23,916
Total Initial Acquisition Costs	30,140
Costs of Improvements Capitalized Subsequent to Acquisition Costs	19,225
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,778
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	47,587
Total Carrying Value	49,365
Accumulated Depreciation	33,120
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	49,365
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,120
SAN FRANCISCO, CA | River Terrace
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	22,161
Initial Costs, Buildings and Improvements	40,137
Total Initial Acquisition Costs	62,298
Costs of Improvements Capitalized Subsequent to Acquisition Costs	12,503
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	23,103
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	51,698
Total Carrying Value	74,801
Accumulated Depreciation	43,087
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	74,801
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	43,087
SAN FRANCISCO, CA | CitySouth
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	14,031
Initial Costs, Buildings and Improvements	30,537
Total Initial Acquisition Costs	44,568
Costs of Improvements Capitalized Subsequent to Acquisition Costs	45,470
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,945
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	73,093
Total Carrying Value	90,038
Accumulated Depreciation	62,506
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	90,038
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	62,506
SAN FRANCISCO, CA | Bay Terrace
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,545
Initial Costs, Buildings and Improvements	14,458
Total Initial Acquisition Costs	23,003
Costs of Improvements Capitalized Subsequent to Acquisition Costs	12,156
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,781
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	23,378
Total Carrying Value	35,159
Accumulated Depreciation	17,122
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	35,159
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,122
SAN FRANCISCO, CA | Highlands of Marin Phase II
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,353
Initial Costs, Buildings and Improvements	18,559
Total Initial Acquisition Costs	23,912
Costs of Improvements Capitalized Subsequent to Acquisition Costs	12,308
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,889
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	30,331
Total Carrying Value	36,220
Accumulated Depreciation	24,518
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	36,220
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,518
SAN FRANCISCO, CA | Edgewater
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	30,657
Initial Costs, Buildings and Improvements	83,872
Total Initial Acquisition Costs	114,529
Costs of Improvements Capitalized Subsequent to Acquisition Costs	16,339
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	30,878
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	99,990
Total Carrying Value	130,868
Accumulated Depreciation	76,058
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	130,868
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	76,058
SAN FRANCISCO, CA | Almaden Lake Village
Real Estate and Accumulated Depreciation
Encumbrances	27,000
Initial Costs, Land and Land Improvements	594
Initial Costs, Buildings and Improvements	42,515
Total Initial Acquisition Costs	43,109
Costs of Improvements Capitalized Subsequent to Acquisition Costs	15,645
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,276
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	57,478
Total Carrying Value	58,754
Accumulated Depreciation	43,302
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	58,754
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	43,302
SAN FRANCISCO, CA | 388 Beale
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	14,253
Initial Costs, Buildings and Improvements	74,104
Total Initial Acquisition Costs	88,357
Costs of Improvements Capitalized Subsequent to Acquisition Costs	29,274
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	14,930
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	102,701
Total Carrying Value	117,631
Accumulated Depreciation	66,649
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	117,631
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	66,649
SAN FRANCISCO, CA | Channel @ Mission Bay
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	23,625
Total Initial Acquisition Costs	23,625
Costs of Improvements Capitalized Subsequent to Acquisition Costs	137,067
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	24,598
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	136,094
Total Carrying Value	160,692
Accumulated Depreciation	87,911
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	160,692
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	87,911
SAN FRANCISCO, CA | 5421 at Dublin Station
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,922
Total Initial Acquisition Costs	8,922
Costs of Improvements Capitalized Subsequent to Acquisition Costs	119,045
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,942
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	119,025
Total Carrying Value	127,967
Accumulated Depreciation	24,367
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	127,967
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,367
SAN FRANCISCO, CA | HQ
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	19,938
Initial Costs, Buildings and Improvements	65,816
Total Initial Acquisition Costs	85,754
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,412
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	19,942
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	67,224
Total Carrying Value	87,166
Accumulated Depreciation	13,071
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	87,166
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	13,071
SAN FRANCISCO, CA | Residences at Lake Merritt
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,664
Initial Costs, Buildings and Improvements	56,876
Total Initial Acquisition Costs	65,540
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,082
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,667
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	57,955
Total Carrying Value	66,622
Accumulated Depreciation	7,326
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	66,622
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,326
SEATTLE, WA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	137,662
Initial Costs, Buildings and Improvements	867,758
Total Initial Acquisition Costs	1,005,420
Costs of Improvements Capitalized Subsequent to Acquisition Costs	137,476
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	146,186
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	996,710
Total Carrying Value	1,142,896
Accumulated Depreciation	565,323
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,142,896
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	565,323
SEATTLE, WA | Crowne Pointe
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,486
Initial Costs, Buildings and Improvements	6,437
Total Initial Acquisition Costs	8,923
Costs of Improvements Capitalized Subsequent to Acquisition Costs	13,577
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,439
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	19,061
Total Carrying Value	22,500
Accumulated Depreciation	15,263
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	22,500
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,263
SEATTLE, WA | Hilltop
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,174
Initial Costs, Buildings and Improvements	7,408
Total Initial Acquisition Costs	9,582
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,902
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,261
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	15,223
Total Carrying Value	18,484
Accumulated Depreciation	12,785
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	18,484
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,785
SEATTLE, WA | The Kennedy
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,179
Initial Costs, Buildings and Improvements	22,307
Total Initial Acquisition Costs	28,486
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,445
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,480
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	29,451
Total Carrying Value	35,931
Accumulated Depreciation	23,525
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	35,931
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,525
SEATTLE, WA | Hearthstone at Merrill Creek
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,848
Initial Costs, Buildings and Improvements	30,922
Total Initial Acquisition Costs	37,770
Costs of Improvements Capitalized Subsequent to Acquisition Costs	13,225
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,631
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	43,364
Total Carrying Value	50,995
Accumulated Depreciation	32,440
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	50,995
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,440
SEATTLE, WA | Island Square
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	21,284
Initial Costs, Buildings and Improvements	89,389
Total Initial Acquisition Costs	110,673
Costs of Improvements Capitalized Subsequent to Acquisition Costs	22,318
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	22,304
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	110,687
Total Carrying Value	132,991
Accumulated Depreciation	77,382
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	132,991
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	77,382
SEATTLE, WA | elements too
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	27,468
Initial Costs, Buildings and Improvements	72,036
Total Initial Acquisition Costs	99,504
Costs of Improvements Capitalized Subsequent to Acquisition Costs	28,952
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	30,658
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	97,798
Total Carrying Value	128,456
Accumulated Depreciation	84,661
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	128,456
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	84,661
SEATTLE, WA | 989elements
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,541
Initial Costs, Buildings and Improvements	45,990
Total Initial Acquisition Costs	54,531
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,718
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,800
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	56,449
Total Carrying Value	65,249
Accumulated Depreciation	39,787
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	65,249
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	39,787
SEATTLE, WA | Lightbox
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,449
Initial Costs, Buildings and Improvements	38,884
Total Initial Acquisition Costs	45,333
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,674
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,505
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	41,502
Total Carrying Value	48,007
Accumulated Depreciation	25,845
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	48,007
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,845
SEATTLE, WA | Ashton Bellevue
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,287
Initial Costs, Buildings and Improvements	124,939
Total Initial Acquisition Costs	133,226
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,544
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,553
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	133,217
Total Carrying Value	141,770
Accumulated Depreciation	62,753
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	141,770
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	62,753
SEATTLE, WA | TEN20
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,247
Initial Costs, Buildings and Improvements	76,587
Total Initial Acquisition Costs	81,834
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,249
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,375
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	84,708
Total Carrying Value	90,083
Accumulated Depreciation	40,682
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	90,083
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	40,682
SEATTLE, WA | Milehouse
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,976
Initial Costs, Buildings and Improvements	63,041
Total Initial Acquisition Costs	69,017
Costs of Improvements Capitalized Subsequent to Acquisition Costs	3,015
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,155
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	65,877
Total Carrying Value	72,032
Accumulated Depreciation	35,809
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	72,032
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	35,809
SEATTLE, WA | CityLine
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	11,220
Initial Costs, Buildings and Improvements	85,787
Total Initial Acquisition Costs	97,007
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,442
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,343
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	88,106
Total Carrying Value	99,449
Accumulated Depreciation	46,845
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	99,449
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	46,845
SEATTLE, WA | CityLine II
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,723
Initial Costs, Buildings and Improvements	56,843
Total Initial Acquisition Costs	60,566
Costs of Improvements Capitalized Subsequent to Acquisition Costs	880
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,752
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	57,694
Total Carrying Value	61,446
Accumulated Depreciation	26,696
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	61,446
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	26,696
SEATTLE, WA | Brio
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	21,780
Initial Costs, Buildings and Improvements	147,188
Total Initial Acquisition Costs	168,968
Costs of Improvements Capitalized Subsequent to Acquisition Costs	6,535
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	21,930
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	153,573
Total Carrying Value	175,503
Accumulated Depreciation	40,850
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	175,503
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	40,850
MONTEREY PENINSULA, CA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	16,938
Initial Costs, Buildings and Improvements	68,384
Total Initial Acquisition Costs	85,322
Costs of Improvements Capitalized Subsequent to Acquisition Costs	123,287
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	31,113
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	177,496
Total Carrying Value	208,609
Accumulated Depreciation	133,639
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	208,609
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	133,639
MONTEREY PENINSULA, CA | Boronda Manor
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,946
Initial Costs, Buildings and Improvements	8,982
Total Initial Acquisition Costs	10,928
Costs of Improvements Capitalized Subsequent to Acquisition Costs	14,831
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,513
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	22,246
Total Carrying Value	25,759
Accumulated Depreciation	16,344
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	25,759
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,344
MONTEREY PENINSULA, CA | Garden Court
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	888
Initial Costs, Buildings and Improvements	4,188
Total Initial Acquisition Costs	5,076
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,650
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,881
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	11,845
Total Carrying Value	13,726
Accumulated Depreciation	8,767
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	13,726
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,767
MONTEREY PENINSULA, CA | Cambridge Court
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,039
Initial Costs, Buildings and Improvements	12,883
Total Initial Acquisition Costs	15,922
Costs of Improvements Capitalized Subsequent to Acquisition Costs	23,115
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,094
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	32,943
Total Carrying Value	39,037
Accumulated Depreciation	25,254
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	39,037
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,254
MONTEREY PENINSULA, CA | Laurel Tree
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,304
Initial Costs, Buildings and Improvements	5,115
Total Initial Acquisition Costs	6,419
Costs of Improvements Capitalized Subsequent to Acquisition Costs	9,575
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,569
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	13,425
Total Carrying Value	15,994
Accumulated Depreciation	10,570
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	15,994
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,570
MONTEREY PENINSULA, CA | The Pointe At Harden Ranch
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,388
Initial Costs, Buildings and Improvements	23,854
Total Initial Acquisition Costs	30,242
Costs of Improvements Capitalized Subsequent to Acquisition Costs	41,034
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	10,701
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	60,575
Total Carrying Value	71,276
Accumulated Depreciation	45,521
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	71,276
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	45,521
MONTEREY PENINSULA, CA | The Pointe At Northridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,044
Initial Costs, Buildings and Improvements	8,028
Total Initial Acquisition Costs	10,072
Costs of Improvements Capitalized Subsequent to Acquisition Costs	15,437
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,894
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	21,615
Total Carrying Value	25,509
Accumulated Depreciation	16,363
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	25,509
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,363
MONTEREY PENINSULA, CA | The Pointe At Westlake
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,329
Initial Costs, Buildings and Improvements	5,334
Total Initial Acquisition Costs	6,663
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,645
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,461
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	14,847
Total Carrying Value	17,308
Accumulated Depreciation	10,820
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,308
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,820
LOS ANGELES, CA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	151,833
Initial Costs, Buildings and Improvements	156,492
Total Initial Acquisition Costs	308,325
Costs of Improvements Capitalized Subsequent to Acquisition Costs	187,064
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	163,858
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	331,531
Total Carrying Value	495,389
Accumulated Depreciation	260,546
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	495,389
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	260,546
LOS ANGELES, CA | Rosebeach
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,414
Initial Costs, Buildings and Improvements	17,449
Total Initial Acquisition Costs	25,863
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,612
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,106
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	27,369
Total Carrying Value	36,475
Accumulated Depreciation	22,312
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	36,475
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,312
LOS ANGELES, CA | Tierra Del Rey
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	39,586
Initial Costs, Buildings and Improvements	36,679
Total Initial Acquisition Costs	76,265
Costs of Improvements Capitalized Subsequent to Acquisition Costs	13,953
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	40,323
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	49,895
Total Carrying Value	90,218
Accumulated Depreciation	38,182
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	90,218
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	38,182
LOS ANGELES, CA | The Westerly
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	48,182
Initial Costs, Buildings and Improvements	102,364
Total Initial Acquisition Costs	150,546
Costs of Improvements Capitalized Subsequent to Acquisition Costs	54,855
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	51,583
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	153,818
Total Carrying Value	205,401
Accumulated Depreciation	114,663
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	205,401
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	114,663
LOS ANGELES, CA | Jefferson at Marina del Rey
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	55,651
Total Initial Acquisition Costs	55,651
Costs of Improvements Capitalized Subsequent to Acquisition Costs	107,644
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	62,846
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	100,449
Total Carrying Value	163,295
Accumulated Depreciation	85,389
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	163,295
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	85,389
OTHER SOUTHERN CA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	33,645
Initial Costs, Buildings and Improvements	111,337
Total Initial Acquisition Costs	144,982
Costs of Improvements Capitalized Subsequent to Acquisition Costs	85,677
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	45,948
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	184,711
Total Carrying Value	230,659
Accumulated Depreciation	115,697
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	230,659
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	115,697
OTHER SOUTHERN CA | Verano at Rancho Cucamonga Town Square
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	13,557
Initial Costs, Buildings and Improvements	3,645
Total Initial Acquisition Costs	17,202
Costs of Improvements Capitalized Subsequent to Acquisition Costs	68,616
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	24,847
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	60,971
Total Carrying Value	85,818
Accumulated Depreciation	57,088
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	85,818
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	57,088
OTHER SOUTHERN CA | Windemere at Sycamore Highland
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,810
Initial Costs, Buildings and Improvements	23,450
Total Initial Acquisition Costs	29,260
Costs of Improvements Capitalized Subsequent to Acquisition Costs	13,226
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,582
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	35,904
Total Carrying Value	42,486
Accumulated Depreciation	29,005
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	42,486
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	29,005
OTHER SOUTHERN CA | Strata
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	14,278
Initial Costs, Buildings and Improvements	84,242
Total Initial Acquisition Costs	98,520
Costs of Improvements Capitalized Subsequent to Acquisition Costs	3,835
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	14,519
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	87,836
Total Carrying Value	102,355
Accumulated Depreciation	29,604
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	102,355
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	29,604
PORTLAND, OR
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,273
Initial Costs, Buildings and Improvements	9,134
Total Initial Acquisition Costs	12,407
Costs of Improvements Capitalized Subsequent to Acquisition Costs	14,609
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,767
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	22,249
Total Carrying Value	27,016
Accumulated Depreciation	17,786
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	27,016
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,786
PORTLAND, OR | Tualatin Heights
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,273
Initial Costs, Buildings and Improvements	9,134
Total Initial Acquisition Costs	12,407
Costs of Improvements Capitalized Subsequent to Acquisition Costs	14,609
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,767
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	22,249
Total Carrying Value	27,016
Accumulated Depreciation	17,786
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	27,016
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,786
MID-ATLANTIC REGION
Real Estate and Accumulated Depreciation
Encumbrances	218,843
Initial Costs, Land and Land Improvements	505,559
Initial Costs, Buildings and Improvements	2,191,672
Total Initial Acquisition Costs	2,697,231
Costs of Improvements Capitalized Subsequent to Acquisition Costs	830,489
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	568,334
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	2,959,386
Total Carrying Value	3,527,720
Accumulated Depreciation	1,621,513
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	3,527,720
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,621,513
METROPOLITAN, D.C.
Real Estate and Accumulated Depreciation
Encumbrances	160,930
Initial Costs, Land and Land Improvements	429,000
Initial Costs, Buildings and Improvements	1,756,501
Total Initial Acquisition Costs	2,185,501
Costs of Improvements Capitalized Subsequent to Acquisition Costs	668,370
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	482,119
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	2,371,752
Total Carrying Value	2,853,871
Accumulated Depreciation	1,298,007
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	2,853,871
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,298,007
METROPOLITAN, D.C. | Dominion Middle Ridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,311
Initial Costs, Buildings and Improvements	13,283
Total Initial Acquisition Costs	16,594
Costs of Improvements Capitalized Subsequent to Acquisition Costs	21,190
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,838
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	32,946
Total Carrying Value	37,784
Accumulated Depreciation	26,123
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	37,784
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	26,123
METROPOLITAN, D.C. | Dominion Lake Ridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,366
Initial Costs, Buildings and Improvements	8,387
Total Initial Acquisition Costs	10,753
Costs of Improvements Capitalized Subsequent to Acquisition Costs	13,489
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,358
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	20,884
Total Carrying Value	24,242
Accumulated Depreciation	17,630
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	24,242
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,630
METROPOLITAN, D.C. | Presidential Greens
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	11,238
Initial Costs, Buildings and Improvements	18,790
Total Initial Acquisition Costs	30,028
Costs of Improvements Capitalized Subsequent to Acquisition Costs	23,612
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,974
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	41,666
Total Carrying Value	53,640
Accumulated Depreciation	33,029
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	53,640
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,029
METROPOLITAN, D.C. | The Whitmore
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,418
Initial Costs, Buildings and Improvements	13,411
Total Initial Acquisition Costs	19,829
Costs of Improvements Capitalized Subsequent to Acquisition Costs	29,756
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,936
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	41,649
Total Carrying Value	49,585
Accumulated Depreciation	36,723
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	49,585
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	36,723
METROPOLITAN, D.C. | Ridgewood
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,612
Initial Costs, Buildings and Improvements	20,086
Total Initial Acquisition Costs	25,698
Costs of Improvements Capitalized Subsequent to Acquisition Costs	20,919
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,763
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	39,854
Total Carrying Value	46,617
Accumulated Depreciation	32,600
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	46,617
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,600
METROPOLITAN, D.C. | Waterside Towers
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	13,001
Initial Costs, Buildings and Improvements	49,657
Total Initial Acquisition Costs	62,658
Costs of Improvements Capitalized Subsequent to Acquisition Costs	44,436
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	51,608
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	55,486
Total Carrying Value	107,094
Accumulated Depreciation	45,440
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	107,094
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	45,440
METROPOLITAN, D.C. | Wellington Place at Olde Town
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	13,753
Initial Costs, Buildings and Improvements	36,059
Total Initial Acquisition Costs	49,812
Costs of Improvements Capitalized Subsequent to Acquisition Costs	26,618
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	15,445
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	60,985
Total Carrying Value	76,430
Accumulated Depreciation	52,286
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	76,430
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	52,286
METROPOLITAN, D.C. | Andover House
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	183
Initial Costs, Buildings and Improvements	59,948
Total Initial Acquisition Costs	60,131
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,402
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	356
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	70,177
Total Carrying Value	70,533
Accumulated Depreciation	52,231
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	70,533
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	52,231
METROPOLITAN, D.C. | Sullivan Place
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,137
Initial Costs, Buildings and Improvements	103,676
Total Initial Acquisition Costs	104,813
Costs of Improvements Capitalized Subsequent to Acquisition Costs	27,346
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,230
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	129,929
Total Carrying Value	132,159
Accumulated Depreciation	99,259
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	132,159
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	99,259
METROPOLITAN, D.C. | Delancey at Shirlington
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	21,606
Initial Costs, Buildings and Improvements	66,765
Total Initial Acquisition Costs	88,371
Costs of Improvements Capitalized Subsequent to Acquisition Costs	14,141
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	21,722
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	80,790
Total Carrying Value	102,512
Accumulated Depreciation	59,927
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	102,512
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	59,927
METROPOLITAN, D.C. | View 14
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,710
Initial Costs, Buildings and Improvements	97,941
Total Initial Acquisition Costs	103,651
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,159
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,806
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	109,004
Total Carrying Value	114,810
Accumulated Depreciation	73,410
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	114,810
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	73,410
METROPOLITAN, D.C. | Capitol View on 14th
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	31,393
Total Initial Acquisition Costs	31,393
Costs of Improvements Capitalized Subsequent to Acquisition Costs	101,419
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	31,556
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	101,256
Total Carrying Value	132,812
Accumulated Depreciation	67,120
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	132,812
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	67,120
METROPOLITAN, D.C. | Domain College Park
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	7,300
Total Initial Acquisition Costs	7,300
Costs of Improvements Capitalized Subsequent to Acquisition Costs	63,788
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,592
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	63,496
Total Carrying Value	71,088
Accumulated Depreciation	41,497
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	71,088
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	41,497
METROPOLITAN, D.C. | 1200 East West
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	9,748
Initial Costs, Buildings and Improvements	68,022
Total Initial Acquisition Costs	77,770
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,096
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	10,045
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	75,821
Total Carrying Value	85,866
Accumulated Depreciation	39,330
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	85,866
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	39,330
METROPOLITAN, D.C. | Courts at Huntington Station
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	27,749
Initial Costs, Buildings and Improvements	111,878
Total Initial Acquisition Costs	139,627
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,271
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	28,422
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	122,476
Total Carrying Value	150,898
Accumulated Depreciation	73,649
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	150,898
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	73,649
METROPOLITAN, D.C. | Eleven55 Ripley
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	15,566
Initial Costs, Buildings and Improvements	107,539
Total Initial Acquisition Costs	123,105
Costs of Improvements Capitalized Subsequent to Acquisition Costs	12,167
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,130
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	119,142
Total Carrying Value	135,272
Accumulated Depreciation	60,908
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	135,272
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	60,908
METROPOLITAN, D.C. | Arbor Park of Alexandria
Real Estate and Accumulated Depreciation
Encumbrances	160,930
Initial Costs, Land and Land Improvements	50,881
Initial Costs, Buildings and Improvements	159,728
Total Initial Acquisition Costs	210,609
Costs of Improvements Capitalized Subsequent to Acquisition Costs	19,407
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	52,191
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	177,825
Total Carrying Value	230,016
Accumulated Depreciation	105,327
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	230,016
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	105,327
METROPOLITAN, D.C. | Courts at Dulles
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	14,697
Initial Costs, Buildings and Improvements	83,834
Total Initial Acquisition Costs	98,531
Costs of Improvements Capitalized Subsequent to Acquisition Costs	18,003
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	15,131
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	101,403
Total Carrying Value	116,534
Accumulated Depreciation	61,992
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	116,534
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	61,992
METROPOLITAN, D.C. | Newport Village
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	50,046
Initial Costs, Buildings and Improvements	177,454
Total Initial Acquisition Costs	227,500
Costs of Improvements Capitalized Subsequent to Acquisition Costs	34,205
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	51,183
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	210,522
Total Carrying Value	261,705
Accumulated Depreciation	126,713
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	261,705
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	126,713
METROPOLITAN, D.C. | 1301 Thomas Circle
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	27,836
Initial Costs, Buildings and Improvements	128,191
Total Initial Acquisition Costs	156,027
Costs of Improvements Capitalized Subsequent to Acquisition Costs	6,828
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	27,932
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	134,923
Total Carrying Value	162,855
Accumulated Depreciation	55,328
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	162,855
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	55,328
METROPOLITAN, D.C. | Station on Silver
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	16,661
Initial Costs, Buildings and Improvements	109,198
Total Initial Acquisition Costs	125,859
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,468
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,825
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	111,502
Total Carrying Value	128,327
Accumulated Depreciation	38,992
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	128,327
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	38,992
METROPOLITAN, D.C. | Seneca Place
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	21,184
Initial Costs, Buildings and Improvements	98,173
Total Initial Acquisition Costs	119,357
Costs of Improvements Capitalized Subsequent to Acquisition Costs	15,348
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	21,280
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	113,425
Total Carrying Value	134,705
Accumulated Depreciation	39,113
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	134,705
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	39,113
METROPOLITAN, D.C. | Canterbury Apartments
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	24,456
Initial Costs, Buildings and Improvements	100,011
Total Initial Acquisition Costs	124,467
Costs of Improvements Capitalized Subsequent to Acquisition Costs	16,267
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	24,648
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	116,086
Total Carrying Value	140,734
Accumulated Depreciation	39,227
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	140,734
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	39,227
METROPOLITAN, D.C. | The MO
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	27,135
Total Initial Acquisition Costs	27,135
Costs of Improvements Capitalized Subsequent to Acquisition Costs	115,796
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	27,135
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	115,796
Total Carrying Value	142,931
Accumulated Depreciation	19,087
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	142,931
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,087
METROPOLITAN, D.C. | The Enclave at Potomac Club
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	20,013
Initial Costs, Buildings and Improvements	124,470
Total Initial Acquisition Costs	144,483
Costs of Improvements Capitalized Subsequent to Acquisition Costs	239
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	20,013
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	124,709
Total Carrying Value	144,722
Accumulated Depreciation	1,066
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	144,722
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,066
BALTIMORE, MD
Real Estate and Accumulated Depreciation
Encumbrances	57,913
Initial Costs, Land and Land Improvements	72,736
Initial Costs, Buildings and Improvements	410,408
Total Initial Acquisition Costs	483,144
Costs of Improvements Capitalized Subsequent to Acquisition Costs	99,866
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	76,516
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	506,494
Total Carrying Value	583,010
Accumulated Depreciation	253,157
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	583,010
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	253,157
BALTIMORE, MD | Calvert's Walk
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,408
Initial Costs, Buildings and Improvements	24,692
Total Initial Acquisition Costs	29,100
Costs of Improvements Capitalized Subsequent to Acquisition Costs	16,913
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,847
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	40,166
Total Carrying Value	46,013
Accumulated Depreciation	32,938
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	46,013
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,938
BALTIMORE, MD | 20 Lambourne
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	11,750
Initial Costs, Buildings and Improvements	45,590
Total Initial Acquisition Costs	57,340
Costs of Improvements Capitalized Subsequent to Acquisition Costs	24,164
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,733
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	68,771
Total Carrying Value	81,504
Accumulated Depreciation	50,004
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	81,504
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	50,004
BALTIMORE, MD | Domain Brewers Hill
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,669
Initial Costs, Buildings and Improvements	40,630
Total Initial Acquisition Costs	45,299
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,108
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,088
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	47,319
Total Carrying Value	52,407
Accumulated Depreciation	31,803
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	52,407
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,803
BALTIMORE, MD | Rodgers Forge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	15,392
Initial Costs, Buildings and Improvements	67,958
Total Initial Acquisition Costs	83,350
Costs of Improvements Capitalized Subsequent to Acquisition Costs	12,846
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	15,889
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	80,307
Total Carrying Value	96,196
Accumulated Depreciation	35,504
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	96,196
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	35,504
BALTIMORE, MD | Towson Promenade
Real Estate and Accumulated Depreciation
Encumbrances	57,913
Initial Costs, Land and Land Improvements	12,599
Initial Costs, Buildings and Improvements	78,847
Total Initial Acquisition Costs	91,446
Costs of Improvements Capitalized Subsequent to Acquisition Costs	13,930
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,841
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	92,535
Total Carrying Value	105,376
Accumulated Depreciation	36,287
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	105,376
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	36,287
BALTIMORE, MD | 1274 at Towson
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	7,807
Initial Costs, Buildings and Improvements	46,238
Total Initial Acquisition Costs	54,045
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,784
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,879
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	50,950
Total Carrying Value	58,829
Accumulated Depreciation	15,637
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	58,829
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,637
BALTIMORE, MD | Quarters at Towson Town Center
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	16,111
Initial Costs, Buildings and Improvements	106,453
Total Initial Acquisition Costs	122,564
Costs of Improvements Capitalized Subsequent to Acquisition Costs	20,121
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,239
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	126,446
Total Carrying Value	142,685
Accumulated Depreciation	50,984
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	142,685
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	50,984
RICHMOND, VA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,823
Initial Costs, Buildings and Improvements	24,763
Total Initial Acquisition Costs	28,586
Costs of Improvements Capitalized Subsequent to Acquisition Costs	62,253
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,699
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	81,140
Total Carrying Value	90,839
Accumulated Depreciation	70,349
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	90,839
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	70,349
RICHMOND, VA | Waterside At Ironbridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,844
Initial Costs, Buildings and Improvements	13,239
Total Initial Acquisition Costs	15,083
Costs of Improvements Capitalized Subsequent to Acquisition Costs	17,718
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,216
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	29,585
Total Carrying Value	32,801
Accumulated Depreciation	22,725
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	32,801
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,725
RICHMOND, VA | Legacy at Mayland
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,979
Initial Costs, Buildings and Improvements	11,524
Total Initial Acquisition Costs	13,503
Costs of Improvements Capitalized Subsequent to Acquisition Costs	44,535
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,483
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	51,555
Total Carrying Value	58,038
Accumulated Depreciation	47,624
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	58,038
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	47,624
NORTHEAST REGION
Real Estate and Accumulated Depreciation
Encumbrances	227,698
Initial Costs, Land and Land Improvements	550,889
Initial Costs, Buildings and Improvements	2,425,948
Total Initial Acquisition Costs	2,976,837
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,054,783
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	572,647
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	3,458,973
Total Carrying Value	4,031,620
Accumulated Depreciation	1,668,577
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	4,031,620
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,668,577
BOSTON, MA
Real Estate and Accumulated Depreciation
Encumbrances	227,698
Initial Costs, Land and Land Improvements	222,295
Initial Costs, Buildings and Improvements	1,036,863
Total Initial Acquisition Costs	1,259,158
Costs of Improvements Capitalized Subsequent to Acquisition Costs	737,497
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	239,513
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,757,142
Total Carrying Value	1,996,655
Accumulated Depreciation	806,085
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,996,655
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	806,085
BOSTON, MA | Garrison Square
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,475
Initial Costs, Buildings and Improvements	91,027
Total Initial Acquisition Costs	97,502
Costs of Improvements Capitalized Subsequent to Acquisition Costs	32,079
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,878
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	122,703
Total Carrying Value	129,581
Accumulated Depreciation	84,389
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	129,581
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	84,389
BOSTON, MA | Ridge at Blue Hills
Real Estate and Accumulated Depreciation
Encumbrances	25,000
Initial Costs, Land and Land Improvements	6,039
Initial Costs, Buildings and Improvements	34,869
Total Initial Acquisition Costs	40,908
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,868
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,781
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	45,995
Total Carrying Value	52,776
Accumulated Depreciation	31,604
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	52,776
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,604
BOSTON, MA | Inwood West
Real Estate and Accumulated Depreciation
Encumbrances	80,000
Initial Costs, Land and Land Improvements	20,778
Initial Costs, Buildings and Improvements	88,096
Total Initial Acquisition Costs	108,874
Costs of Improvements Capitalized Subsequent to Acquisition Costs	25,455
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	20,667
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	113,662
Total Carrying Value	134,329
Accumulated Depreciation	78,964
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	134,329
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	78,964
BOSTON, MA | 14 North
Real Estate and Accumulated Depreciation
Encumbrances	72,500
Initial Costs, Land and Land Improvements	10,961
Initial Costs, Buildings and Improvements	51,175
Total Initial Acquisition Costs	62,136
Costs of Improvements Capitalized Subsequent to Acquisition Costs	25,601
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,117
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	75,620
Total Carrying Value	87,737
Accumulated Depreciation	53,057
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	87,737
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	53,057
BOSTON, MA | 100 Pier 4
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	24,584
Total Initial Acquisition Costs	24,584
Costs of Improvements Capitalized Subsequent to Acquisition Costs	210,207
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	24,963
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	209,828
Total Carrying Value	234,791
Accumulated Depreciation	107,450
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	234,791
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	107,450
BOSTON, MA | 345 Harrison
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	32,938
Total Initial Acquisition Costs	32,938
Costs of Improvements Capitalized Subsequent to Acquisition Costs	334,406
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	45,164
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	322,180
Total Carrying Value	367,344
Accumulated Depreciation	129,252
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	367,344
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	129,252
BOSTON, MA | Currents on the Charles
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	12,580
Initial Costs, Buildings and Improvements	70,149
Total Initial Acquisition Costs	82,729
Costs of Improvements Capitalized Subsequent to Acquisition Costs	5,338
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,869
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	75,198
Total Carrying Value	88,067
Accumulated Depreciation	31,751
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	88,067
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,751
BOSTON, MA | The Commons at Windsor Gardens
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	34,609
Initial Costs, Buildings and Improvements	225,515
Total Initial Acquisition Costs	260,124
Costs of Improvements Capitalized Subsequent to Acquisition Costs	37,040
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	35,405
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	261,759
Total Carrying Value	297,164
Accumulated Depreciation	112,976
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	297,164
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	112,976
BOSTON, MA | Charles River Landing
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	17,068
Initial Costs, Buildings and Improvements	112,777
Total Initial Acquisition Costs	129,845
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,947
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,428
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	120,364
Total Carrying Value	137,792
Accumulated Depreciation	46,632
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	137,792
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	46,632
BOSTON, MA | Lenox Farms
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	17,692
Initial Costs, Buildings and Improvements	115,899
Total Initial Acquisition Costs	133,591
Costs of Improvements Capitalized Subsequent to Acquisition Costs	21,756
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	18,260
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	137,087
Total Carrying Value	155,347
Accumulated Depreciation	52,671
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	155,347
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	52,671
BOSTON, MA | Union Place
Real Estate and Accumulated Depreciation
Encumbrances	50,198
Initial Costs, Land and Land Improvements	9,902
Initial Costs, Buildings and Improvements	72,242
Total Initial Acquisition Costs	82,144
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,034
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	10,232
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	81,946
Total Carrying Value	92,178
Accumulated Depreciation	28,793
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	92,178
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,793
BOSTON, MA | Bradlee Danvers
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	28,669
Initial Costs, Buildings and Improvements	175,114
Total Initial Acquisition Costs	203,783
Costs of Improvements Capitalized Subsequent to Acquisition Costs	15,766
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	28,749
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	190,800
Total Carrying Value	219,549
Accumulated Depreciation	48,546
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	219,549
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	48,546
NEW YORK, NY
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	249,878
Initial Costs, Buildings and Improvements	917,312
Total Initial Acquisition Costs	1,167,190
Costs of Improvements Capitalized Subsequent to Acquisition Costs	242,732
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	253,944
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,155,978
Total Carrying Value	1,409,922
Accumulated Depreciation	728,524
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,409,922
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	728,524
NEW YORK, NY | 10 Hanover Square
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	41,432
Initial Costs, Buildings and Improvements	218,983
Total Initial Acquisition Costs	260,415
Costs of Improvements Capitalized Subsequent to Acquisition Costs	40,518
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	42,116
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	258,817
Total Carrying Value	300,933
Accumulated Depreciation	156,466
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	300,933
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	156,466
NEW YORK, NY | 21 Chelsea
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	36,399
Initial Costs, Buildings and Improvements	107,154
Total Initial Acquisition Costs	143,553
Costs of Improvements Capitalized Subsequent to Acquisition Costs	20,256
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	36,594
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	127,215
Total Carrying Value	163,809
Accumulated Depreciation	79,988
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	163,809
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	79,988
NEW YORK, NY | View 34
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	114,410
Initial Costs, Buildings and Improvements	324,920
Total Initial Acquisition Costs	439,330
Costs of Improvements Capitalized Subsequent to Acquisition Costs	140,303
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	116,315
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	463,318
Total Carrying Value	579,633
Accumulated Depreciation	296,854
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	579,633
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	296,854
NEW YORK, NY | 95 Wall Street
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	57,637
Initial Costs, Buildings and Improvements	266,255
Total Initial Acquisition Costs	323,892
Costs of Improvements Capitalized Subsequent to Acquisition Costs	41,655
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	58,919
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	306,628
Total Carrying Value	365,547
Accumulated Depreciation	195,216
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	365,547
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	195,216
PHILADELPHIA, PA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	78,716
Initial Costs, Buildings and Improvements	471,773
Total Initial Acquisition Costs	550,489
Costs of Improvements Capitalized Subsequent to Acquisition Costs	74,554
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	79,190
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	545,853
Total Carrying Value	625,043
Accumulated Depreciation	133,968
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	625,043
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	133,968
PHILADELPHIA, PA | Park Square
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	10,365
Initial Costs, Buildings and Improvements	96,050
Total Initial Acquisition Costs	106,415
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,942
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	10,707
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	100,650
Total Carrying Value	111,357
Accumulated Depreciation	43,510
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	111,357
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	43,510
PHILADELPHIA, PA | The Smith Valley Forge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	17,853
Initial Costs, Buildings and Improvements	95,973
Total Initial Acquisition Costs	113,826
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,909
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,890
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	100,845
Total Carrying Value	118,735
Accumulated Depreciation	29,753
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	118,735
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	29,753
PHILADELPHIA, PA | 322 on North Broad
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	12,240
Initial Costs, Buildings and Improvements	124,524
Total Initial Acquisition Costs	136,764
Costs of Improvements Capitalized Subsequent to Acquisition Costs	12,930
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,310
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	137,384
Total Carrying Value	149,694
Accumulated Depreciation	42,961
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	149,694
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	42,961
PHILADELPHIA, PA | The George Apartments
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	17,341
Total Initial Acquisition Costs	17,341
Costs of Improvements Capitalized Subsequent to Acquisition Costs	50,121
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,366
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	50,096
Total Carrying Value	67,462
Accumulated Depreciation	11,551
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	67,462
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,551
PHILADELPHIA, PA | Broadridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	20,917
Initial Costs, Buildings and Improvements	155,226
Total Initial Acquisition Costs	176,143
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,652
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	20,917
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	156,878
Total Carrying Value	177,795
Accumulated Depreciation	6,193
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	177,795
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	6,193
SOUTHEAST REGION
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	148,789
Initial Costs, Buildings and Improvements	917,859
Total Initial Acquisition Costs	1,066,648
Costs of Improvements Capitalized Subsequent to Acquisition Costs	728,036
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	207,637
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,587,047
Total Carrying Value	1,794,684
Accumulated Depreciation	929,869
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,794,684
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	929,869
TAMPA, FL
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	71,613
Initial Costs, Buildings and Improvements	436,674
Total Initial Acquisition Costs	508,287
Costs of Improvements Capitalized Subsequent to Acquisition Costs	337,985
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	99,056
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	747,216
Total Carrying Value	846,272
Accumulated Depreciation	380,924
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	846,272
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	380,924
TAMPA, FL | Summit West
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,176
Initial Costs, Buildings and Improvements	4,710
Total Initial Acquisition Costs	6,886
Costs of Improvements Capitalized Subsequent to Acquisition Costs	21,609
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,690
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	23,805
Total Carrying Value	28,495
Accumulated Depreciation	19,282
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	28,495
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,282
TAMPA, FL | The Breyley
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,780
Initial Costs, Buildings and Improvements	2,458
Total Initial Acquisition Costs	4,238
Costs of Improvements Capitalized Subsequent to Acquisition Costs	24,000
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,766
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	23,472
Total Carrying Value	28,238
Accumulated Depreciation	22,942
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	28,238
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,942
TAMPA, FL | Lakewood Place
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,395
Initial Costs, Buildings and Improvements	10,647
Total Initial Acquisition Costs	12,042
Costs of Improvements Capitalized Subsequent to Acquisition Costs	20,261
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,547
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	28,756
Total Carrying Value	32,303
Accumulated Depreciation	24,784
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	32,303
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,784
TAMPA, FL | Cambridge Woods
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,791
Initial Costs, Buildings and Improvements	7,166
Total Initial Acquisition Costs	8,957
Costs of Improvements Capitalized Subsequent to Acquisition Costs	18,303
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,852
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	23,408
Total Carrying Value	27,260
Accumulated Depreciation	20,145
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	27,260
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,145
TAMPA, FL | Inlet Bay
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	7,702
Initial Costs, Buildings and Improvements	23,150
Total Initial Acquisition Costs	30,852
Costs of Improvements Capitalized Subsequent to Acquisition Costs	31,580
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,024
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	50,408
Total Carrying Value	62,432
Accumulated Depreciation	43,669
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	62,432
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	43,669
TAMPA, FL | MacAlpine Place
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	10,869
Initial Costs, Buildings and Improvements	36,858
Total Initial Acquisition Costs	47,727
Costs of Improvements Capitalized Subsequent to Acquisition Costs	31,076
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	13,181
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	65,622
Total Carrying Value	78,803
Accumulated Depreciation	48,442
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	78,803
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	48,442
TAMPA, FL | The Vintage Lofts at West End
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,611
Initial Costs, Buildings and Improvements	37,663
Total Initial Acquisition Costs	44,274
Costs of Improvements Capitalized Subsequent to Acquisition Costs	28,825
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,239
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	56,860
Total Carrying Value	73,099
Accumulated Depreciation	48,073
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	73,099
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	48,073
TAMPA, FL | Peridot Palms
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,293
Initial Costs, Buildings and Improvements	89,752
Total Initial Acquisition Costs	96,045
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,003
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,919
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	96,129
Total Carrying Value	103,048
Accumulated Depreciation	42,584
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	103,048
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	42,584
TAMPA, FL | The Preserve at Gateway
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,467
Initial Costs, Buildings and Improvements	43,723
Total Initial Acquisition Costs	48,190
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,499
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,625
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	48,064
Total Carrying Value	52,689
Accumulated Depreciation	20,752
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	52,689
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,752
TAMPA, FL | The Slade at Channelside
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	10,216
Initial Costs, Buildings and Improvements	72,786
Total Initial Acquisition Costs	83,002
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,573
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	10,671
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	82,904
Total Carrying Value	93,575
Accumulated Depreciation	32,866
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	93,575
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,866
TAMPA, FL | Andover Place at Cross Creek
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	11,702
Initial Costs, Buildings and Improvements	107,761
Total Initial Acquisition Costs	119,463
Costs of Improvements Capitalized Subsequent to Acquisition Costs	13,740
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,929
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	121,274
Total Carrying Value	133,203
Accumulated Depreciation	46,067
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	133,203
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	46,067
TAMPA, FL | Meridian
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,611
Total Initial Acquisition Costs	6,611
Costs of Improvements Capitalized Subsequent to Acquisition Costs	126,516
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,613
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	126,514
Total Carrying Value	133,127
Accumulated Depreciation	11,318
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	133,127
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,318
ORLANDO, FL
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	45,775
Initial Costs, Buildings and Improvements	337,176
Total Initial Acquisition Costs	382,951
Costs of Improvements Capitalized Subsequent to Acquisition Costs	185,848
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	60,870
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	507,929
Total Carrying Value	568,799
Accumulated Depreciation	284,420
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	568,799
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	284,420
ORLANDO, FL | Altamira Place
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,533
Initial Costs, Buildings and Improvements	11,076
Total Initial Acquisition Costs	12,609
Costs of Improvements Capitalized Subsequent to Acquisition Costs	31,976
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,318
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	40,267
Total Carrying Value	44,585
Accumulated Depreciation	35,200
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	44,585
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	35,200
ORLANDO, FL | Regatta Shore
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	757
Initial Costs, Buildings and Improvements	6,608
Total Initial Acquisition Costs	7,365
Costs of Improvements Capitalized Subsequent to Acquisition Costs	23,549
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,493
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	27,421
Total Carrying Value	30,914
Accumulated Depreciation	25,446
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	30,914
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,446
ORLANDO, FL | Alafaya Woods
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,653
Initial Costs, Buildings and Improvements	9,042
Total Initial Acquisition Costs	10,695
Costs of Improvements Capitalized Subsequent to Acquisition Costs	17,386
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,238
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	24,843
Total Carrying Value	28,081
Accumulated Depreciation	22,010
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	28,081
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,010
ORLANDO, FL | Los Altos
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,804
Initial Costs, Buildings and Improvements	12,349
Total Initial Acquisition Costs	15,153
Costs of Improvements Capitalized Subsequent to Acquisition Costs	19,009
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,315
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	28,847
Total Carrying Value	34,162
Accumulated Depreciation	25,491
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	34,162
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,491
ORLANDO, FL | Lotus Landing
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,185
Initial Costs, Buildings and Improvements	8,639
Total Initial Acquisition Costs	10,824
Costs of Improvements Capitalized Subsequent to Acquisition Costs	18,932
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,544
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	26,212
Total Carrying Value	29,756
Accumulated Depreciation	20,782
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	29,756
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,782
ORLANDO, FL | Seville On The Green
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,282
Initial Costs, Buildings and Improvements	6,498
Total Initial Acquisition Costs	7,780
Costs of Improvements Capitalized Subsequent to Acquisition Costs	13,428
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,206
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	19,002
Total Carrying Value	21,208
Accumulated Depreciation	14,819
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	21,208
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,819
ORLANDO, FL | Ashton @ Waterford
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,872
Initial Costs, Buildings and Improvements	17,538
Total Initial Acquisition Costs	21,410
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,738
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,999
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	28,149
Total Carrying Value	33,148
Accumulated Depreciation	22,979
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	33,148
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,979
ORLANDO, FL | Arbors at Lee Vista
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,692
Initial Costs, Buildings and Improvements	12,860
Total Initial Acquisition Costs	19,552
Costs of Improvements Capitalized Subsequent to Acquisition Costs	25,058
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,312
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	36,298
Total Carrying Value	44,610
Accumulated Depreciation	26,087
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	44,610
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	26,087
ORLANDO, FL | Arbors at Maitland Summit
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	15,929
Initial Costs, Buildings and Improvements	158,079
Total Initial Acquisition Costs	174,008
Costs of Improvements Capitalized Subsequent to Acquisition Costs	22,806
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,281
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	180,533
Total Carrying Value	196,814
Accumulated Depreciation	63,396
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	196,814
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	63,396
ORLANDO, FL | Essex Luxe
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	9,068
Initial Costs, Buildings and Improvements	94,487
Total Initial Acquisition Costs	103,555
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,966
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,164
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	96,357
Total Carrying Value	105,521
Accumulated Depreciation	28,210
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	105,521
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,210
NASHVILLE, TN
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	15,433
Initial Costs, Buildings and Improvements	87,608
Total Initial Acquisition Costs	103,041
Costs of Improvements Capitalized Subsequent to Acquisition Costs	177,183
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	30,258
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	249,966
Total Carrying Value	280,224
Accumulated Depreciation	197,779
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	280,224
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	197,779
NASHVILLE, TN | Legacy Hill
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,148
Initial Costs, Buildings and Improvements	5,867
Total Initial Acquisition Costs	7,015
Costs of Improvements Capitalized Subsequent to Acquisition Costs	15,173
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,327
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	19,861
Total Carrying Value	22,188
Accumulated Depreciation	17,216
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	22,188
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,216
NASHVILLE, TN | Hickory Run
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,469
Initial Costs, Buildings and Improvements	11,584
Total Initial Acquisition Costs	13,053
Costs of Improvements Capitalized Subsequent to Acquisition Costs	22,923
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,138
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	32,838
Total Carrying Value	35,976
Accumulated Depreciation	24,980
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	35,976
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,980
NASHVILLE, TN | Carrington Hills
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,117
Total Initial Acquisition Costs	2,117
Costs of Improvements Capitalized Subsequent to Acquisition Costs	53,967
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,661
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	50,423
Total Carrying Value	56,084
Accumulated Depreciation	36,811
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	56,084
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	36,811
NASHVILLE, TN | Brookridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	708
Initial Costs, Buildings and Improvements	5,461
Total Initial Acquisition Costs	6,169
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,364
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,793
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	15,740
Total Carrying Value	17,533
Accumulated Depreciation	13,187
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,533
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	13,187
NASHVILLE, TN | Breckenridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	766
Initial Costs, Buildings and Improvements	7,714
Total Initial Acquisition Costs	8,480
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,662
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,965
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	17,177
Total Carrying Value	19,142
Accumulated Depreciation	13,911
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	19,142
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	13,911
NASHVILLE, TN | Colonnade
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,460
Initial Costs, Buildings and Improvements	16,015
Total Initial Acquisition Costs	17,475
Costs of Improvements Capitalized Subsequent to Acquisition Costs	15,023
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,062
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	29,436
Total Carrying Value	32,498
Accumulated Depreciation	23,108
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	32,498
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,108
NASHVILLE, TN | The Preserve at Brentwood
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,182
Initial Costs, Buildings and Improvements	24,674
Total Initial Acquisition Costs	27,856
Costs of Improvements Capitalized Subsequent to Acquisition Costs	22,285
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,760
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	45,381
Total Carrying Value	50,141
Accumulated Depreciation	35,655
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	50,141
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	35,655
NASHVILLE, TN | Polo Park
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,583
Initial Costs, Buildings and Improvements	16,293
Total Initial Acquisition Costs	20,876
Costs of Improvements Capitalized Subsequent to Acquisition Costs	25,786
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,552
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	39,110
Total Carrying Value	46,662
Accumulated Depreciation	32,911
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	46,662
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,911
OTHER FLORIDA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	15,968
Initial Costs, Buildings and Improvements	56,401
Total Initial Acquisition Costs	72,369
Costs of Improvements Capitalized Subsequent to Acquisition Costs	27,020
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,453
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	81,936
Total Carrying Value	99,389
Accumulated Depreciation	66,746
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	99,389
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	66,746
OTHER FLORIDA | The Reserve and Park at Riverbridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	15,968
Initial Costs, Buildings and Improvements	56,401
Total Initial Acquisition Costs	72,369
Costs of Improvements Capitalized Subsequent to Acquisition Costs	27,020
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,453
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	81,936
Total Carrying Value	99,389
Accumulated Depreciation	66,746
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	99,389
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	66,746
SOUTHWEST REGION
Real Estate and Accumulated Depreciation
Encumbrances	490,934
Initial Costs, Land and Land Improvements	243,707
Initial Costs, Buildings and Improvements	1,202,214
Total Initial Acquisition Costs	1,445,921
Costs of Improvements Capitalized Subsequent to Acquisition Costs	514,019
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	275,714
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,684,226
Total Carrying Value	1,959,940
Accumulated Depreciation	703,227
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,959,940
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	703,227
DALLAS, TX
Real Estate and Accumulated Depreciation
Encumbrances	425,028
Initial Costs, Land and Land Improvements	192,492
Initial Costs, Buildings and Improvements	856,948
Total Initial Acquisition Costs	1,049,440
Costs of Improvements Capitalized Subsequent to Acquisition Costs	328,590
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	218,097
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,159,933
Total Carrying Value	1,378,030
Accumulated Depreciation	464,035
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,378,030
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	464,035
DALLAS, TX | THIRTY377
Real Estate and Accumulated Depreciation
Encumbrances	25,000
Initial Costs, Land and Land Improvements	24,036
Initial Costs, Buildings and Improvements	32,951
Total Initial Acquisition Costs	56,987
Costs of Improvements Capitalized Subsequent to Acquisition Costs	26,777
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	26,627
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	57,137
Total Carrying Value	83,764
Accumulated Depreciation	47,633
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	83,764
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	47,633
DALLAS, TX | Legacy Village
Real Estate and Accumulated Depreciation
Encumbrances	90,000
Initial Costs, Land and Land Improvements	16,882
Initial Costs, Buildings and Improvements	100,102
Total Initial Acquisition Costs	116,984
Costs of Improvements Capitalized Subsequent to Acquisition Costs	40,423
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	24,030
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	133,377
Total Carrying Value	157,407
Accumulated Depreciation	104,573
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	157,407
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	104,573
DALLAS, TX | Addison Apts at The Park
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	22,041
Initial Costs, Buildings and Improvements	11,228
Total Initial Acquisition Costs	33,269
Costs of Improvements Capitalized Subsequent to Acquisition Costs	26,009
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	32,215
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	27,063
Total Carrying Value	59,278
Accumulated Depreciation	20,327
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	59,278
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,327
DALLAS, TX | Addison Apts at The Park I
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	7,903
Initial Costs, Buildings and Improvements	554
Total Initial Acquisition Costs	8,457
Costs of Improvements Capitalized Subsequent to Acquisition Costs	9,916
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,058
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	7,315
Total Carrying Value	18,373
Accumulated Depreciation	6,228
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	18,373
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	6,228
DALLAS, TX | Addison Apts at The Park II
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	10,440
Initial Costs, Buildings and Improvements	634
Total Initial Acquisition Costs	11,074
Costs of Improvements Capitalized Subsequent to Acquisition Costs	3,620
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,458
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	6,236
Total Carrying Value	14,694
Accumulated Depreciation	5,036
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,694
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	5,036
DALLAS, TX | Savoye
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,432
Initial Costs, Buildings and Improvements	50,483
Total Initial Acquisition Costs	58,915
Costs of Improvements Capitalized Subsequent to Acquisition Costs	9,183
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,148
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	58,950
Total Carrying Value	68,098
Accumulated Depreciation	22,860
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	68,098
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,860
DALLAS, TX | Savoye 2
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,451
Initial Costs, Buildings and Improvements	56,615
Total Initial Acquisition Costs	63,066
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,388
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,126
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	63,328
Total Carrying Value	70,454
Accumulated Depreciation	24,548
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	70,454
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,548
DALLAS, TX | Fiori on Vitruvian Park
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	7,934
Initial Costs, Buildings and Improvements	78,575
Total Initial Acquisition Costs	86,509
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,092
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,132
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	85,469
Total Carrying Value	94,601
Accumulated Depreciation	34,096
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	94,601
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	34,096
DALLAS, TX | Vitruvian West Phase I
Real Estate and Accumulated Depreciation
Encumbrances	41,317
Initial Costs, Land and Land Improvements	6,273
Initial Costs, Buildings and Improvements	61,418
Total Initial Acquisition Costs	67,691
Costs of Improvements Capitalized Subsequent to Acquisition Costs	5,926
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,918
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	66,699
Total Carrying Value	73,617
Accumulated Depreciation	26,398
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	73,617
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	26,398
DALLAS, TX | Vitruvian West Phase II
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,451
Initial Costs, Buildings and Improvements	15,798
Total Initial Acquisition Costs	22,249
Costs of Improvements Capitalized Subsequent to Acquisition Costs	41,121
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,814
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	56,556
Total Carrying Value	63,370
Accumulated Depreciation	19,044
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	63,370
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,044
DALLAS, TX | Vitruvian West Phase III
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	7,141
Initial Costs, Buildings and Improvements	2,754
Total Initial Acquisition Costs	9,895
Costs of Improvements Capitalized Subsequent to Acquisition Costs	65,644
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,405
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	68,134
Total Carrying Value	75,539
Accumulated Depreciation	16,432
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	75,539
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,432
DALLAS, TX | Villas at Fiori
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	9,921
Initial Costs, Buildings and Improvements	776
Total Initial Acquisition Costs	10,697
Costs of Improvements Capitalized Subsequent to Acquisition Costs	42,012
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,986
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	42,723
Total Carrying Value	52,709
Accumulated Depreciation	5,532
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	52,709
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	5,532
DALLAS, TX | The Canal
Real Estate and Accumulated Depreciation
Encumbrances	40,472
Initial Costs, Land and Land Improvements	12,671
Initial Costs, Buildings and Improvements	98,813
Total Initial Acquisition Costs	111,484
Costs of Improvements Capitalized Subsequent to Acquisition Costs	6,470
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,831
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	105,123
Total Carrying Value	117,954
Accumulated Depreciation	34,403
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	117,954
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	34,403
DALLAS, TX | Cool Springs at Frisco Bridges
Real Estate and Accumulated Depreciation
Encumbrances	89,510
Initial Costs, Land and Land Improvements	18,325
Initial Costs, Buildings and Improvements	151,982
Total Initial Acquisition Costs	170,307
Costs of Improvements Capitalized Subsequent to Acquisition Costs	23,879
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	18,611
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	175,575
Total Carrying Value	194,186
Accumulated Depreciation	60,467
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	194,186
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	60,467
DALLAS, TX | Central Square at Frisco
Real Estate and Accumulated Depreciation
Encumbrances	36,398
Initial Costs, Land and Land Improvements	7,661
Initial Costs, Buildings and Improvements	52,455
Total Initial Acquisition Costs	60,116
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,711
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,684
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	55,143
Total Carrying Value	62,827
Accumulated Depreciation	9,699
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	62,827
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,699
DALLAS, TX | Villaggio
Real Estate and Accumulated Depreciation
Encumbrances	31,681
Initial Costs, Land and Land Improvements	6,186
Initial Costs, Buildings and Improvements	41,813
Total Initial Acquisition Costs	47,999
Costs of Improvements Capitalized Subsequent to Acquisition Costs	3,574
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,221
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	45,352
Total Carrying Value	51,573
Accumulated Depreciation	7,993
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	51,573
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,993
DALLAS, TX | Lofts at Palisades
Real Estate and Accumulated Depreciation
Encumbrances	39,178
Initial Costs, Land and Land Improvements	8,198
Initial Costs, Buildings and Improvements	56,143
Total Initial Acquisition Costs	64,341
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,600
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,210
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	57,731
Total Carrying Value	65,941
Accumulated Depreciation	10,013
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	65,941
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,013
DALLAS, TX | Flats at Palisades
Real Estate and Accumulated Depreciation
Encumbrances	31,472
Initial Costs, Land and Land Improvements	5,546
Initial Costs, Buildings and Improvements	43,854
Total Initial Acquisition Costs	49,400
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,245
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,623
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	48,022
Total Carrying Value	53,645
Accumulated Depreciation	8,753
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	53,645
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,753
AUSTIN, TX
Real Estate and Accumulated Depreciation
Encumbrances	65,906
Initial Costs, Land and Land Improvements	28,776
Initial Costs, Buildings and Improvements	214,866
Total Initial Acquisition Costs	243,642
Costs of Improvements Capitalized Subsequent to Acquisition Costs	85,604
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	34,655
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	294,591
Total Carrying Value	329,246
Accumulated Depreciation	157,239
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	329,246
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	157,239
AUSTIN, TX | Barton Creek Landing
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,151
Initial Costs, Buildings and Improvements	14,269
Total Initial Acquisition Costs	17,420
Costs of Improvements Capitalized Subsequent to Acquisition Costs	29,299
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,169
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	40,550
Total Carrying Value	46,719
Accumulated Depreciation	36,583
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	46,719
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	36,583
AUSTIN, TX | Residences at the Domain
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,034
Initial Costs, Buildings and Improvements	55,256
Total Initial Acquisition Costs	59,290
Costs of Improvements Capitalized Subsequent to Acquisition Costs	19,466
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,107
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	73,649
Total Carrying Value	78,756
Accumulated Depreciation	56,413
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	78,756
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	56,413
AUSTIN, TX | Red Stone Ranch
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,084
Initial Costs, Buildings and Improvements	17,646
Total Initial Acquisition Costs	22,730
Costs of Improvements Capitalized Subsequent to Acquisition Costs	16,505
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,842
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	33,393
Total Carrying Value	39,235
Accumulated Depreciation	23,506
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	39,235
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,506
AUSTIN, TX | Lakeline Villas
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,148
Initial Costs, Buildings and Improvements	16,869
Total Initial Acquisition Costs	21,017
Costs of Improvements Capitalized Subsequent to Acquisition Costs	13,347
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,032
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	29,332
Total Carrying Value	34,364
Accumulated Depreciation	20,342
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	34,364
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,342
AUSTIN, TX | Estancia Villas
Real Estate and Accumulated Depreciation
Encumbrances	27,387
Initial Costs, Land and Land Improvements	6,384
Initial Costs, Buildings and Improvements	52,946
Total Initial Acquisition Costs	59,330
Costs of Improvements Capitalized Subsequent to Acquisition Costs	3,638
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,415
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	56,553
Total Carrying Value	62,968
Accumulated Depreciation	9,920
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	62,968
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,920
AUSTIN, TX | Palo Verde
Real Estate and Accumulated Depreciation
Encumbrances	38,519
Initial Costs, Land and Land Improvements	5,975
Initial Costs, Buildings and Improvements	57,880
Total Initial Acquisition Costs	63,855
Costs of Improvements Capitalized Subsequent to Acquisition Costs	3,349
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,090
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	61,114
Total Carrying Value	67,204
Accumulated Depreciation	10,475
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	67,204
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,475
DENVER, CO
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	22,439
Initial Costs, Buildings and Improvements	130,400
Total Initial Acquisition Costs	152,839
Costs of Improvements Capitalized Subsequent to Acquisition Costs	99,825
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	22,962
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	229,702
Total Carrying Value	252,664
Accumulated Depreciation	81,953
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	252,664
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	81,953
DENVER, CO | Steele Creek
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,586
Initial Costs, Buildings and Improvements	130,400
Total Initial Acquisition Costs	138,986
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,738
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,937
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	140,787
Total Carrying Value	149,724
Accumulated Depreciation	61,368
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	149,724
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	61,368
DENVER, CO | Cirrus
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	13,853
Total Initial Acquisition Costs	13,853
Costs of Improvements Capitalized Subsequent to Acquisition Costs	89,087
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	14,025
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	88,915
Total Carrying Value	102,940
Accumulated Depreciation	20,585
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	102,940
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,585
Secured Debt
Real Estate and Accumulated Depreciation
Deferred Financing Costs and Other Non-Cash Adjustments	$ (3,295)