REAL ESTATE (Tables)

3 Months Ended

Mar. 31, 2020

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

	March 31, 2020			December 31, 2019
Real estate, net	(dollars in thousands)
Land	$	134,206		$	121,720
Buildings and improvements	595,149			571,396
Furniture, fixtures and equipment	11,336			11,238
Subtotal	740,691			704,354
Less: accumulated depreciation	(92,772		)	(87,532		)
Total real estate held for investment, at amortized cost, net	647,919			616,822
Equity in unconsolidated joint ventures	103,819			108,816
Total real estate, net	$	751,738		$	725,638

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 March 31, 2020 for consolidated investments in real estate are as follows:

March 31, 2020
(dollars in thousands)
2020 (remaining)	$	36,967
2021	47,136
2022	43,303
2023	40,605
2024	36,683
Later years	182,098
Total	$	386,792