Real Estate, Net

9 Months Ended

Sep. 30, 2016

Note 3 – Real Estate, Net

As of September 30, 2016 and December 31, 2015, real estate, net, includes the following (in thousands):

	September 30, 2016		December 31, 2015
	(unaudited)		(audited)

Real estate under development	$	50,625	$	37,856
Buildings and building improvements		5,755		3,868
Tenant improvments		572		400
Land		2,452		2,452
		59,404		44,576
Less: accumulated depreciation		2,083		1,938
	$	57,321	$	42,638

Real estate under development consists of the 77 Greenwich, Paramus, New Jersey and Westbury, New York properties. Buildings and building improvements, tenant improvements and land consist of the West Palm Beach, Florida property.

- Definition

The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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+ Details