REAL ESTATE (Tables)

9 Months Ended

Sep. 30, 2018

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



	September 30, 2018			December 31, 2017
Real Estate, Net	(dollars in thousands)
Land	$	128,742		$	111,012
Buildings and improvements	580,932			330,959
Furniture, fixtures and equipment	11,205			—
Subtotal	720,879			441,971
Less: accumulated depreciation	(60,795		)	(48,920		)
Total real estate held for investment, at amortized cost, net	660,084			393,051
Equity in unconsolidated joint ventures	92,930			92,902
Total Real Estate, Net	$	753,014		$	485,953

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 September 30, 2018 for consolidated investments in real estate are as follows:



September 30, 2018
(dollars in thousands)
2018 (remaining)	$	12,627
2019	49,246
2020	44,973
2021	40,940
2022	36,393
Later years	223,175
Total	$	407,354