REAL ESTATE HELD FOR INVESTMENT (Tables)

9 Months Ended

Sep. 30, 2020

The following table summarizes the Company’s real estate held for investment as of September 30, 2020 and December 31, 2019, respectively (in thousands):


	September 30, 2020		December 31, 2019
Land	$	193,602	$	175,317
Buildings and improvements	689,202		618,974
Tenant origination and absorption costs	27,984		30,569
Total real estate, cost	910,788		824,860
Accumulated depreciation and amortization	(88,290)		(65,381)
Total real estate, net	$	822,498	$	759,479

The following table provides summary information regarding the Company’s real estate held for investment as of September 30, 2020 (in thousands):


Property	Date Acquired or Foreclosed on	City	State	Property Type	Land		Building and Improvements		Tenant Origination and Absorption		Total Real Estate, at Cost		Accumulated Depreciation and Amortization		Total Real Estate, Net		Ownership %
Richardson Portfolio:
Palisades Central I	11/23/2011	Richardson	TX	Office	$	1,037	$	13,035	$	—	$	14,072	$	(4,194)	$	9,878	90.0	%
Palisades Central II	11/23/2011	Richardson	TX	Office	810		22,016		—		22,826		(6,496)		16,330		90.0	%
Greenway I	11/23/2011	Richardson	TX	Office	561		2,456		—		3,017		(1,176)		1,841		90.0	%
Greenway III	11/23/2011	Richardson	TX	Office	702		3,960		—		4,662		(1,584)		3,078		90.0	%
Undeveloped Land	11/23/2011	Richardson	TX	Undeveloped Land	3,134		—		—		3,134		—		3,134		90.0	%
Total Richardson Portfolio					6,244		41,467		—		47,711		(13,450)		34,261
Park Highlands (1)	12/30/2011	North Las Vegas	NV	Undeveloped Land	36,817		—		—		36,817		—		36,817		100.0%(1)
Park Centre	03/28/2013	Austin	TX	Office	3,251		34,766		—		38,017		(8,066)		29,951		100.0	%
1180 Raymond	08/20/2013	Newark	NJ	Apartment	8,292		39,231		—		47,523		(8,857)		38,666		100.0	%
Park Highlands II (1)	12/10/2013	North Las Vegas	NV	Undeveloped Land	27,854		—		—		27,854		—		27,854		100.0%(1)
Richardson Land II	09/04/2014	Richardson	TX	Undeveloped Land	3,418		—		—		3,418		—		3,418		90.0	%
Crown Pointe	02/14/2017	Dunwoody	GA	Office	22,590		69,663		3,618		95,871		(13,987)		81,884		100.0	%
The Marq	03/01/2018	Minneapolis	MN	Office	10,387		81,976		3,551		95,914		(9,618)		86,296		100.0	%
City Tower	03/06/2018	Orange	CA	Office	13,930		137,780		6,713		158,423		(16,780)		141,643		100.0	%
Eight & Nine Corporate Centre	06/08/2018	Franklin	TN	Office	17,401		58,011		4,518		79,930		(6,639)		73,291		100.0	%
Georgia 400 Center	05/23/2019	Alpharetta	GA	Office	11,431		73,841		7,368		92,640		(6,426)		86,214		100.0	%
Single-Family Homes Portfolio	Multiple	Multiple	Multiple	Home	31,987		152,467		2,216		186,670		(4,467)		182,203		96.1%(2)
					$	193,602	$	689,202	$	27,984	$	910,788	$	(88,290)	$	822,498

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(1) The Company owns 100% of the common members’ equity of Park Highlands and Park Highlands II. On September 7, 2016 and January 8, 2019, a subsidiary of the Company that owns a portion of Park Highlands and Park Highlands II, sold 820 units of 10% Class A non-voting preferred membership units for $0.8 million and 1,927 units of 10% Class A2 non-voting preferred membership units for $1.9 million, respectively, to accredited investors. The amount of the Class A and A2 non-voting preferred membership units raised, net of offering costs, is included in other liabilities on the accompanying consolidated balance sheets.

(2) As of September 30, 2020, the Company owned 96.1% of the equity of the single-family homes portfolio. All of these single-family homes are held by PORT OP, LP (“PORT OP”). PORT, a wholly owned subsidiary of the Company, owns 96.1% of the equity in PORT OP. PORT OP qualifies as a VIE and the Company is the primary beneficiary. In addition, PORT has authorized and issued preferred stock. See Note 14V, “PORT Preferred Stock” for more information.

Schedule of Future Minimum Rental Income for Company's Properties

As of September 30, 2020, the future minimum rental income from the Company’s properties, excluding apartment leases and single-family homes, under non-cancelable operating leases was as follows (in thousands):


October 1, 2020 through December 31, 2020	$	14,056
2021	57,171
2022	50,817
2023	42,545
2024	36,856
Thereafter	92,949
	$	294,394

Schedule of Real Estate by Industry

The Company’s highest tenant industry concentrations (greater than 10% of annualized base rent) were as follows:


Industry	Number of Tenants	Annualized Base Rent (1) (in thousands)		Percentage of Annualized Base Rent
Insurance	25	$	7,256	11.8	%
Computer Systems Design	25	7,088		11.5	%
Health Care and Social Assistance	15	6,769		11.0	%
		$	21,113	34.3	%

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(1) Annualized base rent represents annualized contractual base rental income as of September 30, 2020, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term.

Schedule of Redeemable Non-controlling Interest Activities

The following table summarizes the redeemable non-controlling interest activity related to the BPT Holdings for the nine months ended September 30, 2020 (in thousands):


Issuance of PORT OP Units	$	3,024
Net loss attributable to redeemable noncontrolling interest	(23)
September 30, 2020	$	3,001