REAL ESTATE, NET (Tables)

12 Months Ended

Dec. 31, 2019

REAL ESTATE, NET

Schedule of Real Estate Properties

As of December 31, 2019 and 2018, real estate, net consisted of the following (dollars in thousands):

	December 31,		December 31,
	2019		2018
Real estate under development	$	225,673	$	137,666
Building and building improvements		41,358		47,190
Tenant improvements		125		731
Furniture and fixtures		708		694
Land and land improvements		27,939		30,391
		295,803		216,672
Less: accumulated depreciation		2,577		3,608
	$	293,226	$	213,064

Schedule of estimated annual amortization of intangible assets

As of December 31, 2019, the estimated annual amortization of intangible assets for each of the five succeeding years and thereafter is as follows (dollars in thousands):

	Real Estate
	Tax
	Abatement
Year	Amortization
2020	$	740
2021		740
2022		740
2023		740
2024		740
Thereafter		6,212