INVESTMENTS IN REAL ESTATE

6 Months Ended

Jun. 30, 2015

Real Estate Investments, Net [Abstract]

INVESTMENTS IN REAL ESTATE

NOTE 6 - INVESTMENTS IN REAL ESTATE

The Company’s investments in real estate, net, consist of the following (in thousands):

	June 30, 2015		December 31, 2014
Properties owned, net of accumulated depreciation of $9,464 and $9,198:
Hotel property (Savannah, Georgia)	$	10,041	$	10,110
Office building (Philadelphia, Pennsylvania)	912		888
	10,953		10,998
Partnerships and other investments	6,087		6,099
Total investments in real estate, net	$	17,040	$	17,097

The Company recorded rental income of $1.7 million and $2.9 million for three and six months ended June 30, 2015, respectively, and, $1.6 million and $2.5 million for the three and six months ended June 30, 2014, respectively. The contractual future minimum rental income on non-cancelable operating leases included in properties owned for each of the five succeeding annual periods ending June 30, and thereafter, are as follows (in thousands):

2016	$	968
2017	777
2018	719
2019	561
2020	310
Thereafter	311
Total	$	3,646