Properties

3 Months Ended

Mar. 31, 2023

Our properties are held within the following portfolios:

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 $770.8 million and debt of $596.9 million as of March 31, 2023.

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 $193.4 million as of March 31, 2023.

Investing and Servicing Segment Property Portfolio

The REIS Equity Portfolio is comprised of 10 commercial real estate properties and one equity interest in an unconsolidated commercial real estate property which were acquired from CMBS trusts over time. The REIS Equity Portfolio includes total gross properties and lease intangibles of $186.3 million and debt of $129.8 million as of March 31, 2023.

Commercial and Residential Lending Segment Property Portfolio

The Commercial and Residential Lending Segment Portfolio represents properties acquired through loan foreclosure or exercise of control over a mezzanine loan borrower’s pledged equity interests. This portfolio includes total gross properties and lease intangibles of $481.3 million and debt of $204.4 million as of March 31, 2023.

Woodstar Portfolios

Refer to Note 7 for a discussion of our Woodstar I and Woodstar II Portfolios which are not included in the table below.

The table below summarizes our properties held as of March 31, 2023 and December 31, 2022 (dollars in thousands):


	Depreciable Life	March 31, 2023		December 31, 2022
Property Segment
Land and land improvements	0 - 15 years	$	176,006	$	176,029
Buildings and building improvements	0 - 45 years	858,880		856,411
Furniture & fixtures	3 - 5 years	530		446
Investing and Servicing Segment
Land and land improvements	0 - 15 years	34,565		34,613
Buildings and building improvements	3 - 40 years	122,138		122,384
Furniture & fixtures	2 - 5 years	3,250		3,207
Commercial and Residential Lending Segment
Land and land improvements	N/A	99,043		99,043
Buildings and building improvements	0 - 24 years	79,661		79,661
Construction in progress	N/A	289,515		287,701
Properties, cost		1,663,588		1,659,495
Less: accumulated depreciation		(219,609)		(209,509)
Properties, net		$	1,443,979	$	1,449,986

During the three months ended March 31, 2023, there were no material sales of property within the REIS Equity Portfolio. During the three months ended March 31, 2022, we sold an operating property within the REIS Equity Portfolio for $34.5 million and recognized a gain of $11.7 million within gain on sale of investments and other assets in our condensed consolidated statement of operations.

During the three months ended March 31, 2023, there were no sales of property within the Commercial and Residential Lending Segment. During the three months ended March 31, 2022, we sold an operating property within the Commercial and Residential Lending Segment for $114.8 million and recognized a gain of $86.6 million within gain on sale of investments and other assets in our condensed consolidated statement of operations. Refer to Note 3 for further discussion.