REAL ESTATE (Tables)

12 Months Ended

Dec. 31, 2020

Real Estate [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

	December 31, 2020		December 31, 2019
Real estate, net	(dollars in thousands)
Land	$	164,240	$	121,720
Buildings and improvements	493,432		571,396
Furniture, fixtures and equipment	6,240		11,238
Subtotal	663,912		704,354
Less: accumulated depreciation	(100,147)		(87,532)
Total real estate held for investment, at amortized cost, net	563,765		616,822
Equity in unconsolidated joint ventures	92,549		108,816
Total real estate, net	$	656,314	$	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 December 31, 2020 for consolidated investments in real estate are as follows:

December 31, 2020
(dollars in thousands)
2021	$	44,267
2022	39,981
2023	36,161
2024	30,645
2025	24,362
Later years	60,971
Total	$	236,387