Real Estate, Net (Tables)

9 Months Ended

Sep. 30, 2018

Real Estate [Abstract]

Schedule of Real Estate Properties

As of September 30, 2018 and December 31, 2017, real estate, net, includes the following (in thousands):

	September 30, 2018		December 31, 2017
Real estate under development	$	106,016	$	69,783
Building and building improvements		47,187		5,817
Tenant improvements		731		606
Furniture and fixtures		694		-
Land and land improvements		30,391		2,452
		185,019		78,658
Less: accumulated depreciation		3,135		2,389
	$	181,884	$	76,269

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table presents our purchase price allocation, including transaction costs, for 237 11th (in thousands):

Purchase Price Allocation:
Land and land improvements	$	27,939
Building and building improvements		41,297
Tenant improvements		125
Furniture and fixtures		694
Real estate tax abatement		11,100
Acquired in-place leases		1,090
Assets acquired		82,245
Below-market lease value		(285	)
Liabilities assumed		(285	)
Purchase price	$	81,960