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Real Estate, net and Real Estate Held for Sale (Tables)
 9 Months Ended
Sep. 30, 2020
Real Estate [Abstract]  
Schedule of Operating Real Estate Properties
The following table presents the Company’s net lease portfolio, net, as of September 30, 2020, and December 31, 2019 (dollars in thousands):
September 30, 2020December 31, 2019
Land and improvements$181,409 $209,693 
Buildings, building leaseholds, and improvements762,433 899,889 
Tenant improvements20,491 25,077 
Construction-in-progress3,144 415 
Subtotal$967,477 $1,135,074 
Less: Accumulated depreciation(74,055)(63,995)
Less: Impairment(1)
— (23,911)
Net lease portfolio, net$893,422 $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 September 30, 2020 and December 31, 2019 (dollars in thousands):
September 30, 2020December 31, 2019
Land and improvements$59,523 $91,997 
Buildings, building leaseholds, and improvements341,197 536,046 
Tenant improvements25,128 38,230 
Furniture, fixtures and equipment3,791 3,183 
Construction-in-progress1,806 6,325 
Subtotal$431,445 $675,781 
Less: Accumulated depreciation(35,677)(46,079)
Less: Impairment(1)
(155,872)(192,074)
Other portfolio, net$239,896 $437,628 
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(1)See Note 14, “Fair Value,” for discussion of impairment of real estate.
Property Operating Income
For the nine months ended September 30, 2020 and 2019, the components of property operating income were as follows (dollars in thousands):
Three Months Ended 
 September 30, 2020		Nine Months Ended 
 September 30,
2020201920202019
Lease revenues(1)
Minimum lease revenue$35,529 $45,555 $114,691 $135,198 
Variable lease revenue5,390 6,304 18,080 18,478 
$40,919 $51,859 $132,771 $153,676 
Hotel operating income910 10,802 4,728 35,324 
$41,829 $62,661 $137,499 $189,000 
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(1)Excludes net amortization expense related to above and below-market leases of $0.2 million and income of $0.4 million for the three and nine months ended September 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 September 30, 2020 (dollars in thousands):
Remainder of 2020$25,288 
202198,543 
202292,488 
202378,687 
202469,665 
2025 and thereafter467,422 
Total(1)
$832,093 
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(1)Excludes minimum future rents for real estate that is classified as held for sale totaling $40.4 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)
28105,437 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):
September 30, 2020December 31, 2019
Assets
Real estate, net$182,356 $178,564 
Deferred leasing costs and intangible assets, net10,109 5,890 
Total assets held for sale$192,465 $184,454 
Liabilities
Intangible liabilities, net$10,787 $294 
Total liabilities related to assets held for sale$10,787 $294