REAL ESTATE (Tables)

6 Months Ended

Jun. 30, 2020

Real Estate Properties Base Purchase Price [Abstract]

Schedule of Useful Lives of Investments in Commercial Real Estate

Real estate investments are depreciated using the straight-line method over the estimated useful lives of the assets, summarized as follows:



Category	Term
Building and building improvements	1 - 44 years
Furniture and fixtures	1 - 4 years

Summary of Real Estate



	June 30, 2020			December 31, 2019
Real estate, net	(dollars in thousands)
Land	$	135,220		$	121,720
Buildings and improvements	593,758			571,396
Furniture, fixtures and equipment	11,375			11,238
Subtotal	740,353			704,354
Less: accumulated depreciation	(98,770		)	(87,532		)
Total real estate held for investment, at amortized cost, net	641,583			616,822
Equity in unconsolidated joint ventures	104,484			108,816
Total real estate, net	$	746,067		$	725,638

Minimum Future Rentals on Non-cancelable Leases

Approximate future minimum rents to be received over the next five years and thereafter for non-cancelable operating leases in effect at June 30, 2020 for consolidated investments in real estate are as follows:



June 30, 2020
(dollars in thousands)
2020 (remaining)	$	27,410
2021	53,386
2022	48,948
2023	45,517
2024	41,734
Later years	188,627
Total	$	405,622