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Real Estate Held for Sale in Consolidated VIEs | 12 Months Ended
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Dec. 31, 2019
Real Estate [Abstract] |
Real Estate Held for Sale in Consolidated VIEs | Real Estate Held for Sale in Consolidated VIEs In March 2017, the Company determined that it became the primary beneficiary of Riverchase Landing and The Clusters, two VIEs that each owned a multi-family apartment community and in each of which the Company held a preferred equity investment. Accordingly, the Company consolidated both Riverchase Landing and The Clusters into its consolidated financial statements (see Note 9). During the second quarter of 2017, Riverchase Landing determined to actively market its multi-family apartment community for sale and completed the sale in March 2018, recognizing a net gain on sale of approximately $2.3 million, which is included in other income and is allocated to net income attributable to non-controlling interest in consolidated variable interest entities on the accompanying consolidated statements of operations. In connection with the sale, the Company’s preferred equity investment was redeemed, resulting in de-consolidation of Riverchase Landing as of the date of the sale. During the third quarter of 2017, The Clusters determined to actively market its multi-family apartment community for sale and completed the sale in February 2019, recognizing a net gain on sale of approximately $1.6 million, which is included in other income and is allocated to net income attributable to non-controlling interest in consolidated variable interest entities on the accompanying consolidated statements of operations. In connection with the sale, the Company’s preferred equity investment was redeemed, resulting in de-consolidation of The Clusters as of the date of the sale. As of December 31, 2019, there is no real estate held for sale in consolidated variable interest entities. The following is a summary of the real estate held for sale in consolidated variable interest entities as of December 31, 2018 (dollar amounts in thousands):
| December 31, 2018
Land | $ | 2,650 |
Building and improvements | 26,032 |
Furniture, fixtures and equipment | 974 |
Lease intangible | 2,802 |
Real estate held for sale before accumulated depreciation and amortization | 32,458 |
Accumulated depreciation (1) | (418 | )
Accumulated amortization of lease intangible (1) | (2,336 | )
Real estate held for sale in consolidated variable interest entities | $ | 29,704 |
(1) | There were no depreciation and amortization expenses for the years ended December 31, 2019 and 2018. Depreciation and amortization expenses for the year ended December 31, 2017 totaled $0.6 million and $3.1 million, respectively.
No gain or loss was recognized by the Company or allocated to non-controlling interests related to the initial classification of the real estate assets as held for sale during the year ended December 31, 2017.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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