REAL ESTATE DEBT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Schedule of Activity of Real Estate Debt Securities

The information for the real estate debt securities as of December 31, 2019 and 2018 is set forth below (in thousands):

Debt Securities Name	Date Acquired	Debt Securities Type	Outstanding Principal Balance as of December 31, 2019		Book Value as of December 31, 2019		Book Value as of December 31, 2018		Contractual Interest Rate	Annualized Effective Interest Rate	Maturity Date
Battery Point Series B Preferred Units	10/28/2016 / 03/30/2017 / 05/12/2017	Series B Preferred Units	$	—	$	—	$	10,859	(1)	(1)	(1)

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⁽¹⁾ On March 20, 2019, the Company, through an indirect wholly owned subsidiary, entered into a redemption agreement for the Battery Point Series B Preferred Units. The redemption agreement resulted in the redemption of 13,000 Series B Preferred Units with a per-unit price of $1,000. The Company received $8.6 million, of which $0.9 million relates to accrued interest and an exit fee. In addition, the Company received 210,000 shares of Battery Point Series A-3 Preferred Units with a per-unit price of $25. The Series A-3 Preferred Units were classified as an equity investment without a readily determinable fair value (see note 12 “Investment in Unconsolidated Joint Ventures” for further information).

The following summarizes the activity related to real estate debt securities for the year ended December 31, 2019 (in thousands): 

Real estate debt securities - December 31, 2018	$	10,859
Principal repayment	(7,750)
Deferred interest receivable and interest accretion	(2,992)
Receipt of deferred interest receivable	(130)
Accretion of commitment fee, net of closing costs	4
Other-than-temporary impairment	9
Real estate debt securities - December 31, 2019	$	—

Schedule of Interest Income from Real Estate Debt Securities

For the years ended December 31, 2019, 2018 and 2017, interest income from real estate debt securities consisted of the following (in thousands):

	For the Years Ended December 31,
	2019		2018		2017
Contractual interest income	$	356	$	1,910	$	1,217
Interest accretion	4		59		315
Accretion of commitment fee, net of closing costs and acquisition fee	9		49		250
Interest income from real estate debt securities	$	369	$	2,018	$	1,782