REAL ESTATE (Tables)

12 Months Ended

Dec. 31, 2019

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



	December 31, 2019			December 31, 2018
Real estate, net	(dollars in thousands)
Land	$	121,720		$	128,742
Buildings and improvements	571,396			581,320
Furniture, fixtures and equipment	11,238			11,602
Subtotal	704,354			721,664
Less: accumulated depreciation	(87,532		)	(67,026		)
Total real estate held for investment, at amortized cost, net	616,822			654,638
Equity in unconsolidated joint ventures	108,816			84,835
Total real estate, net	$	725,638		$	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 December 31, 2019 for consolidated investments in real estate are as follows:



December 31, 2019
(dollars in thousands)
2020	$	46,885
2021	46,758
2022	42,918
2023	40,211
2024	34,332
Later years	177,936
Total	$	389,040