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REAL ESTATE ACTIVITY | 3 Months Ended
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Mar. 31, 2020
Real Estate [Abstract] |
REAL ESTATE ACTIVITY | NOTE 3. REAL ESTATE ACTIVITY Below is a summary of the real estate owned as of March 31, 2020 and December 31, 2019 (dollars in thousands):
|  | March 31, |  |  | December 31, |
|  | 2020 |  |  | 2019 |
Apartments |  | $ | 157,753 |  |  | $ | 156,173 |
Apartments under construction |  |  | 33,166 |  |  |  | 22,363 |
Commercial properties |  |  | 230,133 |  |  |  | 229,424 |
Land held for development |  |  | 61,782 |  |  |  | 62,037 |
Real estate subject to sales contract |  |  | 6,887 |  |  |  | 7,966 |
Total real estate, at cost, less impairment |  | $ | 489,721 |  |  | $ | 477,963 |
Less accumulated deprecation |  |  | (93,144 | ) |  |  | (90,173 | )
Total real estate, net of depreciation |  | $ | 396,577 |  |  | $ | 387,790 |
The following is a description of our significant real estate and financing transactions for the three months ended March 31, 2020:
| ● | Sold a combined 18.7 acres of land in Farmers Branch, Texas and Forney, Texas to third parties for an aggregate sales price of $5.7 million and recognized a gain on the sale of approximately $4.1 million.
| ● | Acquired 100% of the membership interest in EQK Portage, LLC, which owns approximately 49.2 acres of land in Kent, OH. The Company purchased the land for development at a purchase price of $5.4 million, consisting of $2.0 million in cash and a 3.4 million note payable. The note has an interest rate of 10% and a maturity date of November 13, 2024.
| ● | Purchased notes receivables from related parties for an aggregate purchase price of $7.4 million. No gain or loss was recognized from the purchase of the notes receivables (refer to Note 5).
| ● | Paid $11.6 million in Series A bond principal and $7.3 million interests payments in Series A, B and C bonds.
| ● | Converted $16.0 million to approximately 59.8 million (NIS) for the upcoming July 31, 2020 payment to the bond holders for principal and interest on Series A, B, and C Bonds.
The Company continues to invest in the development of apartment projects. During the three months ended March 31, 2020, we have invested $5.4 million related to the construction or predevelopment of various apartment complexes out of which $0.3 million represents capitalized interest costs.

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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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