SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION

SCHEDULE III

REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION

December 31, 2019

(dollar amounts in thousands)


					Initial Cost to Company												Gross Amount at which Carried at Close of Period
Description	Location	Ownership Percent	Encumbrances		Land		Building and Improvements ⁽¹⁾		Total		Cost Capitalized Subsequent to Acquisition ⁽²⁾		Land		Building and Improvements ⁽¹⁾		Total ⁽³⁾		Accumulated Depreciation and Amortization		Original Date of Construction		Date Acquired

Springmaid Beach Resort	Myrtle Beach, SC	90.0%	$	56,536	$	27,340	$	12,727	$	40,067	$	25,193	$	27,438	$	37,822	$	65,260	$	(10,314)	1948/1980/1992/1995/2001		12/30/2014
Q&C Hotel	New Orleans, LA	90.0%	25,000		1,232		49,452		50,684		3,781		1,232		53,233		54,465		(8,315)		1913		12/17/2015
Lincoln Court	Campbell, CA	100.0%	34,615		14,706		38,080		52,786		24		14,706		38,104		52,810		(5,641)		1985		05/20/2016
Lofts at NoHo Commons	North Hollywood, CA	90.0%	73,862		26,222		73,750		99,972		7,557		26,222		81,307		107,529		(6,576)		2007		11/16/2016
210 West 31st Street ⁽⁴⁾	New York, NY	80.0%	20,000		—		50,141		50,141		5,103		—		55,244		55,244		—		⁽⁵⁾		12/01/2016
Oakland City Center	Oakland, CA	100.0%	95,989		22,150		148,495		170,645		4,103		22,150		152,598		174,748		(17,493)		1985/1990		08/18/2017
Madison Square ⁽⁶⁾	Phoenix, AZ	90.0%	23,593		10,540		22,684		33,224		2,126		10,540		24,810		35,350		(3,384)		1911/2003/2007/2008		10/03/2017
	Total Properties						$	102,190	$	395,329	$	497,519	$	47,887	$	102,288	$	443,118	$	545,406	$	(51,723)

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⁽¹⁾ Building and improvements includes tenant origination and absorption costs and construction costs for the Company’s project that was under development.

⁽²⁾ Costs capitalized subsequent to acquisition is net of impairments and write-offs of fully depreciated/amortized assets.

⁽³⁾ The aggregate cost of real estate for federal income tax purposes was $552.9 million (unaudited) as of December 31, 2019.

⁽⁴⁾ The Company acquired the rights to a leasehold interest with respect to this property. The leasehold interest expires January 31, 2114.

⁽⁵⁾ 210 West 31st Street is a development property.

⁽⁶⁾ The Company acquired the rights to a leasehold interest with respect to the land at this property.

SCHEDULE III

REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION (CONTINUED)

December 31, 2019

(dollars in thousands)


	2019		2018		2017
Real Estate:
Balance at the beginning of the year	$	547,310	$	549,086	$	324,176
Acquisitions	—		—		203,869
Improvements	13,744		9,577		10,075
Construction in progress	317		5,940		13,280
Write-off of fully depreciated and fully amortized assets	(1,343)		(2,548)		(2,314)
Disposition	(14,622)		—		—
Impairments	—		(14,745)		—
Balance at the end of the year	$	545,406	$	547,310	$	549,086

Accumulated depreciation and amortization:
Balance at the beginning of the year	$	35,704	$	18,646	$	6,853
Depreciation and amortization expense	19,326		19,606		14,107
Write-off of fully depreciated and fully amortized assets	(1,343)		(2,548)		(2,314)
Disposition	(1,964)		—		—
Balance at the end of the year	$	51,723	$	35,704	$	18,646