Properties

3 Months Ended

Mar. 31, 2021

Properties

Properties

6. Properties

Our properties are held within the following portfolios:

Woodstar I Portfolio

The Woodstar I Portfolio is comprised of 32 affordable housing communities with 8,948 units concentrated primarily in the Tampa, Orlando and West Palm Beach metropolitan areas. During the year ended December 31, 2015, we acquired 18 of the 32 affordable housing communities of the Woodstar I Portfolio with the final 14 communities acquired during the year ended December 31, 2016. The Woodstar I Portfolio includes total gross properties and lease intangibles of $636.7 million and debt of $572.8 million as of March 31, 2021.

Woodstar II Portfolio

The Woodstar II Portfolio is comprised of 27 affordable housing communities with 6,109 units concentrated primarily in Central and South Florida. We acquired eight of the 27 affordable housing communities in December 2017, with the final 19 communities acquired during the year ended December 31, 2018. The Woodstar II Portfolio includes total gross properties and lease intangibles of $610.6 million and debt of $512.6 million as of March 31, 2021.

Medical Office Portfolio

The Medical Office Portfolio is comprised of 34 medical office buildings acquired during the year ended December 31, 2016. These properties, which collectively comprise 1.9 million square feet, are geographically dispersed throughout the U.S. and primarily affiliated with major hospitals or located on or adjacent to major hospital campuses. The Medical Office Portfolio includes total gross properties and lease intangibles of $760.3 million and debt of $592.9 million as of March 31, 2021.

Master Lease Portfolio

The Master Lease Portfolio is comprised of 16 retail properties geographically dispersed throughout the U.S., with more than 50% of the portfolio, by carrying value, located in Florida, Texas and Minnesota. These properties, which we acquired in September 2017, collectively comprise 1.9 million square feet and were leased back to the seller under corporate guaranteed master net lease agreements with initial terms of 24.6 years and periodic rent escalations. The Master Lease Portfolio includes total gross properties of $343.8 million and debt of $192.8 million as of March 31, 2021.

Investing and Servicing Segment Property Portfolio

The Investing and Servicing Segment Property Portfolio (“REIS Equity Portfolio”) is comprised of 15 commercial real estate properties and one equity interest in an unconsolidated commercial real estate property which were acquired from CMBS trusts during the previous five years. The REIS Equity Portfolio includes total gross properties and lease intangibles of $270.4 million and debt of $192.6 million as of March 31, 2021.

The table below summarizes our properties held as of March 31, 2021 and December 31, 2020 (dollars in thousands):

	Depreciable Life	March 31, 2021		December 31, 2020
Property Segment
Land and land improvements	0 – 15 years	$	485,026	$	484,846
Buildings and building improvements	5 – 45 years		1,691,423		1,690,701
Furniture & fixtures	3 – 7 years		60,926		59,632
Investing and Servicing Segment
Land and land improvements	0 – 15 years		50,617		50,585
Buildings and building improvements	3 – 40 years		179,813		179,014
Furniture & fixtures	2 – 5 years		2,804		2,606
Commercial and Residential Lending Segment (1)
Land and land improvements	0 – 7 years		9,691		11,416
Buildings and building improvements	10 – 20 years		9,927		19,251
Construction in progress	N/A		75,245		75,245
Properties, cost			2,565,472		2,573,296
Less: accumulated depreciation			(320,724)		(302,143)
Properties, net		$	2,244,748	$	2,271,153

(1) Represents properties acquired through loan foreclosure or exercise of control over loan borrower pledged equity interests.

During the three months ended March 31, 2021, we sold an operating property within the Commercial and Residential Lending Segment for $30.6 million and recognized a gain of $17.7 million within gain on sale of investments and other assets in our condensed consolidated statement of operations. Refer to Note 3 for further discussion. No operating properties were sold during the three months ended March 31, 2020.