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REAL ESTATE PROPERTIES (Tables)
 9 Months Ended
Sep. 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 September 30, 2020:
Future Minimum Ground Lease Payments
Years Ending December 31,(In thousands)
2020 - Remainder of year$242 
2021970 
2022970 
2023975 
2024999 
Thereafter                                                  38,916 
   Total minimum payments                                                  43,072 
Imputed interest (1)
(31,662)
   Total ground leases                                                  $11,410 
(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 September 30, 2020 and December 31, 2019 were as follows:
 September 30,
2020		December 31,
2019
 (In thousands)
Real estate properties:  
   Land$488,698 452,698 
   Buildings and building improvements2,080,785 1,907,963 
   Tenant and other improvements517,032 471,909 
   Right of use assets — Ground leases (operating) (1)
11,303 11,997 
Development and value-add properties (2)
324,841 419,999 
 3,422,659 3,264,566 
   Less accumulated depreciation(940,223)(871,139)
 $2,482,436 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.