REAL ESTATE (Tables)

9 Months Ended

Sep. 30, 2019

Real Estate Properties Base Purchase Price [Abstract]

Schedule of Useful Lives of Investments in Commercial Real Estate

Real estate investments are depreciated using the straight-line method over the estimated useful lives of the assets, summarized as follows:

Category	Term
Building and building improvements	1 - 44 years
Furniture and fixtures	1 - 4 years

Summary of Real Estate

	September 30, 2019			December 31, 2018
Real estate, net	(dollars in thousands)
Land	$	128,114		$	128,742
Buildings and improvements	582,555			581,320
Furniture, fixtures and equipment	11,058			11,602
Subtotal	721,727			721,664
Less: accumulated depreciation	(84,065		)	(67,026		)
Total real estate held for investment, at amortized cost, net	637,662			654,638
Equity in unconsolidated joint ventures	87,846			84,835
Total real estate, net	$	725,508		$	739,473

Minimum Future Rentals on Non-cancelable Leases

Approximate future minimum rents to be received over the next five years and thereafter for non-cancelable operating leases in effect at September 30, 2019 for consolidated investments in real estate are as follows:

September 30, 2019
(dollars in thousands)
2019 (remaining)	$	16,193
2020	48,094
2021	47,444
2022	43,597
2023	40,804
Later years	213,676
Total	$	409,808