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Real Estate, net and Real Estate Held for Sale (Tables)
 6 Months Ended
Jun. 30, 2020
Real Estate [Abstract]  
Schedule of Operating Real Estate Properties
The following table presents the Company’s net lease portfolio, net, as of June 30, 2020, and December 31, 2019 (dollars in thousands):
June 30, 2020December 31, 2019
Land and improvements$127,483  $209,693  
Buildings, building leaseholds, and improvements474,402  899,889  
Tenant improvements13,366  25,077  
Construction-in-progress3,144  415  
Subtotal$618,395  $1,135,074  
Less: Accumulated depreciation(35,567) (63,995) 
Less: Impairment(1)
—  (23,911) 
Net lease portfolio, net$582,828  $1,047,168  
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(1)See Note 14, “Fair Value,” for discussion of impairment of real estate.
The following table presents the Company’s portfolio of real estate included in its Legacy, Non-Strategic Portfolio, including foreclosed properties, as of June 30, 2020 and December 31, 2019 (dollars in thousands):
June 30, 2020December 31, 2019
Land and improvements$63,234  $91,997  
Buildings, building leaseholds, and improvements341,168  536,046  
Tenant improvements25,470  38,230  
Furniture, fixtures and equipment3,782  3,183  
Construction-in-progress1,013  6,325  
Subtotal$434,667  $675,781  
Less: Accumulated depreciation(33,633) (46,079) 
Less: Impairment(1)
(160,331) (192,074) 
Other portfolio, net$240,703  $437,628  
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(1)See Note 14, “Fair Value,” for discussion of impairment of real estate.
Property Operating Income
For the six months ended June 30, 2020 and 2019, the components of property operating income were as follows (dollars in thousands):
Three Months Ended 
 June 30, 2020		Six Months Ended 
 June 30,
2020201920202019
Lease revenues(1)
Minimum lease revenue$37,204  $45,115  $79,162  $89,643  
Variable lease revenue6,041  5,518  12,690  12,174  
$43,245  $50,633  $91,852  $101,817  
Hotel operating income317  13,188  3,818  24,522  
$43,562  $63,821  $95,670  $126,339  
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(1)Excludes net amortization income related to above and below-market leases of $0.2 million and $0.6 million for the three and six months ended June 30, 2020, respectively.
Schedule of Future Minimum Rental Income under Non-cancellable Operating Leases The following table presents approximate future minimum rental income under noncancellable operating leases, excluding variable lease revenue of tenant reimbursements, to be received over the next five years and thereafter as of June 30, 2020 (dollars in thousands):
Remainder of 2020$39,129  
202176,450  
202271,920  
202363,830  
202458,500  
2025 and thereafter435,117  
Total(1)
$744,946  
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(1)Excludes minimum future rents for real estate that is classified as held for sale totaling $199.7 million through 2050
Schedule of Future Minimum Rental Income under Non-cancellable Operating Leases
The following table presents approximate future minimum rental income under noncancellable operating leases to be received over the next five years and thereafter as of December 31, 2019 (dollars in thousands):
2020$120,967  
2021113,170  
2022102,314  
202385,367  
202471,714  
2025 and thereafter448,812  
Total$942,344  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the Company’s real estate asset acquisitions for the year ended December 31, 2019 (dollars in thousands):
Purchase Price Allocation
Acquisition DateProperty Type and LocationNumber of Buildings
Purchase Price(1)
Land and Improvements(2)
Building and Improvements(2)
Furniture, Fixtures and Equipment
Lease Intangible Assets(2)
Other Assets Other Liabilities
Year Ended December 31, 2019
June
Retail - Massachusetts(3)
3  $21,919  $9,294  $6,598  $—  $5,256  $1,538  $(767) 
January
Various - in U.S.(3)
28  105,437  38,145  66,413  —  879  3,223  (3,223) 
$127,356  $47,439  $73,011  $—  $6,135  $4,761  $(3,990) 
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(1)Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated using foreign exchange rate as of the respective dates of acquisitions, where applicable.
(2)Useful life of real estate acquired is 4 to 33 years for buildings, 1 to 20 years for site improvements, 1 to 27 years for tenant improvements, 5 to 7 years for furniture, fixtures and equipment, and 1 to 27 years for lease intangibles.
(3)Represents assets acquired by the Company through foreclosure.
Schedule of Operating Real Estate Held for Sale
The following table summarizes the Company’s assets and related liabilities held for sale related to real estate (dollars in thousands):
June 30, 2020December 31, 2019
Assets
Real estate, net$620,403  $178,564  
Deferred leasing costs and intangible assets, net23,972  5,890  
Total assets held for sale$644,375  $184,454  
Liabilities
Intangible liabilities, net$12,131  $294  
Total liabilities related to assets held for sale$12,131  $294