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REAL ESTATE PROPERTIES (Tables)
 6 Months Ended
Jun. 30, 2020
Ground lease payments [Line Items]  
Ground lease payments [Table Text Block] The following schedule indicates approximate future minimum ground lease payments for these properties by year as of June 30, 2020:

Future Minimum Ground Lease Payments
Years Ending December 31,
 
(In thousands)
2020 - Remainder of year
 
$
485

2021
 
970

2022
 
970

2023
 
975

2024
 
999

Thereafter                                                  
 
38,916

   Total minimum payments                                                  
 
43,315

Imputed interest (1)
 
(31,693
)
   Total ground leases                                                  
 
$
11,622


(1)
As the Company’s leases do not provide an implicit rate, in order to calculate the present value of the remaining ground lease payments, the Company used its incremental borrowing rate, adjusted for a number of factors, including the long-term nature of the ground leases, the Company’s estimated borrowing costs, and the estimated fair value of the underlying land, to determine the imputed interest for its ground leases. The Company elected to use the portfolio approach as all of its ground leases in place as of January 1, 2019, have similar characteristics and determined 7.3% as the appropriate rate as of January 1, 2019, for all leases in place at that time. For the ground lease acquired during April 2019, the Company used its incremental borrowing rate, adjusted for the factors discussed above, which was determined to be 8.0%.
Schedule of Real Estate Properties
The Company’s Real estate properties and Development and value-add properties at June 30, 2020 and December 31, 2019 were as follows:
 
June 30,
2020
 
December 31,
2019
 
(In thousands)
Real estate properties:
 
 
 
   Land                                                                  
$
466,832

 
452,698

   Buildings and building improvements                                          
2,005,565

 
1,907,963

   Tenant and other improvements                                                                  
502,116

 
471,909

   Right of use assets — Ground leases (operating) (1)
11,533

 
11,997

Development and value-add properties (2)                                                                 
405,260

 
419,999

 
3,391,306

 
3,264,566

   Less accumulated depreciation                                                                  
(916,656
)
 
(871,139
)
 
$
2,474,650

 
2,393,427



(1)
See below for information regarding the Company’s right of use assets for ground leases.
(2)
Value-add properties are defined as properties that are either acquired but not stabilized or can be converted to a higher and better use.  Acquired properties meeting either of the following two conditions are considered value-add properties:  (1) Less than 75% occupied as of the acquisition date (or will be less than 75% occupied within one year of acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property.