REAL ESTATE, NET (Tables)

12 Months Ended

Dec. 31, 2020

REAL ESTATE, NET

Schedule of Real Estate Properties

As of December 31, 2020 and 2019, real estate, net consisted of the following (dollars in thousands):

	December 31,		December 31,
	2020		2019
Real estate under development	$	213,178	$	225,673
Building and building improvements		41,358		41,358
Tenant improvements		189		125
Furniture and fixtures		731		708
Land and land improvements		27,939		27,939
		283,395		295,803
Less: accumulated depreciation		4,191		2,577
	$	279,204	$	293,226

Schedule of estimated annual amortization of intangible assets

As of December 31, 2020, 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
2021	$	740
2022		740
2023		740
2024		740
2025		740
Thereafter		5,472