INVESTMENTS IN REAL ESTATE

9 Months Ended

Sep. 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):

	September 30, 2015		December 31, 2014
Properties owned, net of accumulated depreciation of $9,606 and $9,198:
Hotel property (Savannah, Georgia)	$	9,922	$	10,110
Office building (Philadelphia, Pennsylvania)	894		888
	10,816		10,998
Partnerships and other investments	5,375		6,099
Total investments in real estate, net	$	16,191	$	17,097

The Company recorded rental income of $1.4 million and $4.4 million for three and nine months ended September 30, 2015, respectively, and, $1.3 million and $3.8 million for the three and nine months ended September 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 September 30, and thereafter, are as follows (in thousands):

2016	$	1,082
2017	869
2018	778
2019	531
2020	307
Thereafter	290
Total	$	3,857