REAL ESTATE, NET (Tables)

12 Months Ended

Dec. 31, 2018

Real Estate [Abstract]

Schedule of Real Estate Properties

As of December 31, 2018 and 2017, real estate, net consisted of the following (dollars in thousands):

	December 31, 2018		December 31, 2017
Real estate under development	$	137,666	$	69,783
Building and building improvements		47,190		5,817
Tenant improvements		731		606
Furniture and fixtures		694		-
Land and land improvements		30,391		2,452
		216,672		78,658
Less:  accumulated depreciation		3,608		2,389
	$	213,064	$	76,269

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table presents our purchase price allocation, including transaction costs

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

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

As of December 31, 2018, the estimated annual amortization of intangible assets for each of the five succeeding years and thereafter is as follows (dollars in thousands):

Year	Real Estate  Tax  Abatement Amortization
2019	$	740
2020		740
2021		740
2022		740
2023		740
Thereafter		6,952