Real Estate, Net

3 Months Ended

Mar. 31, 2017

Real Estate [Abstract]

Real Estate, Net

Note 3 – Real Estate, Net

As of March 31, 2017 and December 31, 2016, real estate, net, includes the following (in thousands):

	March 31,		December 31,
	2017		2016
	(unaudited)		(audited)
Real estate under development	$	57,397	$	53,712
Buildings and building improvements		5,792		5,794
Tenant improvements		571		569
Land		2,452		2,452
		66,212		62,527
Less: accumulated depreciation		2,203		2,143
	$	64,009	$	60,384

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.

Depreciation expense amounted to $60,000 and $41,000 for the three months ended March 31, 2017 and March 31, 2016, respectively.