	Book Value
	As of March 31, 2019			As of December 31, 2018
Office real estate properties	$	48,886		$	48,760
Retail real estate properties		49,108			49,088
Parcels of land		18,744			18,744
Subtotal		116,738			116,592
Less: Accumulated depreciation and amortization		(9,742	)		(8,768	)
Investments in real estate, net	$	106,996		$	107,824

As of March 31, 2019, our investments in real estate were comprised of land of $36,905 and buildings and improvements of $79,833. As of December 31, 2018, our investments in real estate were comprised of land of $36,905 and buildings and improvements of $79,687.

As of March 31, 2019, our investments in real estate of $116,738 were financed through $40,534 of mortgage loans or other debt held by third parties and $80,562 of mortgage loans held directly by RAIT or through our RAIT I securitization. As of December 31, 2018, our investments in real estate of $116,592 were financed through $40,724 of mortgage loans or other debt held by third parties and $80,562 of mortgage loans held directly by RAIT or through our RAIT I securitization. Together, along with the other commercial real estate loans held by our RAIT I securitization, these mortgage loans serve as collateral for the CDO notes payable issued by our RAIT I securitization. All intercompany balances and interest charges are eliminated in consolidation.

The following table represents the minimum future lease payments for our office and retail properties as of March 31, 2019.

2019	$	7,072
2020		7,746
2021		5,620
2022		3,690
2023		1,980
2024 and thereafter		5,168
Total	$	31,276

During the first quarter of 2019, we consolidated the Collins Avenue VIE as described in Note 7: Variable Interest Entities. As of March 31, 2019, the real estate property owned by this entity, with a carrying amount of $7,448, was considered held-for-sale. This property was subsequently sold in May 2019. We expect to recognize a gain as a result of the sale.

As described in Note 3: Investments in Commercial Mortgage Loans, Mezzanine Loans and Preferred Equity Interests, in June 2019, we completed the conversion of a portion of a commercial mortgage loan portfolio with a carrying value of $7,448 to real estate owned property. The conversion resulted in approximately $7,448 of real estate assets being reflected on our consolidated balance sheet.

During the three months ended March 31, 2019, we disposed of one real estate owned property. The below table summarizes the current year dispositions and also presents each property’s contribution to net income (loss) allocable to common shares, excluding the impact of any gain (loss) on sale:

							Net income (loss) allocable to common shares
Property Name	Property Type	Date of Sale	Sale Price		Gain (loss) on sale		For the Three Months Ended March 31, 2019
Rte 18 Central Plaza	Retail	2/26/2019	$	5,100	$	-	$	(60	)
Total			$	5,100	$	-	$	(60	)