REAL ESTATE EQUITY SECURITIES

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

As of September 30, 2020, the Company owned three investments in real estate equity securities. The following table sets forth the number of shares owned by the Company and the related carrying value of the shares as of September 30, 2020 and December 31, 2019 (dollars in thousands):


	September 30, 2020			December 31, 2019
Real Estate Equity Security	Number of Shares Owned	Total Carrying Value		Number of Shares Owned	Total Carrying Value

Keppel Pacific Oak US REIT	64,165,352	$	46,520	64,165,352	$	50,049
Franklin Street Properties Corp.	5,211,021	19,072		2,773,729	23,743
Plymouth Industrial REIT, Inc.	1,521,276	18,773		415,841	7,647
	70,897,649	$	84,365	67,354,922	$	81,439

During the nine months ended September 30, 2020, the Company purchased 1,722,751 shares of common stock of Plymouth Industrial REIT, Inc. (NYSE Ticker: PLYM) for an aggregate purchase price of $21.6 million and also purchased 2,437,292 shares of Franklin Street Properties Corp., (NYSE Ticker: FSP) for an aggregate purchase price of $14.0 million. During the nine months ended September 30, 2020, the Company sold 617,316 shares of common stock of Plymouth Industrial REIT for an aggregate sale price of $11.0 million.

The following summarizes the portion of gain and loss for the period related to real estate equity securities held during the three and nine months ended September 30, 2020 and 2019 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net (loss) gain recognized during the period on real estate equity securities	$	(6,527)	$	3,845	$	(21,620)	$	19,304
Less net gain recognized during the period on real estate equity securities sold during the period	—		—		(711)		(3,397)
Unrealized (loss) gain recognized during the reporting period on real estate equity securities held at the end of the period	$	(6,527)	$	3,845	$	(22,331)	$	15,907

During the three and nine months ended September 30, 2020, the Company recognized $2.8 million and $4.4 million, respectively, of dividend income from real estate equity securities. During the three and nine months ended September 30, 2019, the Company recognized $2.2 million and $4.3 million, respectively, of dividend income from real estate equity securities.