REAL ESTATE (Tables)

9 Months Ended

Sep. 30, 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

	September 30, 2020		December 31, 2019
Real estate, net	(dollars in thousands)
Land	$	173,220	$	121,720
Buildings and improvements	601,783		571,396
Furniture, fixtures and equipment	11,487		11,238
Subtotal	786,490		704,354
Less: accumulated depreciation	(104,978)		(87,532)
Total real estate held for investment, at amortized cost, net	681,512		616,822
Equity in unconsolidated joint ventures	109,085		108,816
Total real estate, net	$	790,597	$	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 September 30, 2020 for consolidated investments in real estate are as follows:

September 30, 2020
(dollars in thousands)
2020 (remaining)	$	14,768
2021	55,088
2022	50,685
2023	47,119
2024	42,429
Later years	191,310
Total	$	401,399