Schedule III - Consolidated Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2016

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Consolidated Real Estate and Accumulated Depreciation

Schedule III - Consolidated Real Estate and Accumulated Depreciation
					(dollars in thousands)
			Initial Cost								Amounts at which Carried at December 31, 2016
									Cost
							Building &		Capitalized						Building &
Property					Air		Improvements		Subsequent to				Air		Improvements				Accumulated		Date of Acquisition (A) /
Description	Encumbrances		Land		Rights		(1)		Acquisition		Land		Rights		(1)		Total		Depreciation		Construction (C)
77 Greenwich, NY	$	40,000	$	5,500	$	9,134	$	3,587	$	19,990	$	5,500	$	9,134	$	23,577	$	38,211	$	-		1990
Paramus, NJ		-		908		-		640		3,147		908		-		3,787		4,695		-		1980 (A) / 1984 (C)
Westbury, NY		-		4,920		-		1,707		4,179		4,920		-		5,886		10,806		-		1988 (A)/1989 (A) / 1989 (C)
West Palm Beach, FL		9,100		2,452		-		3,707		2,656		2,452		-		6,363		8,815		(2,143)		2001
	$	49,100	$	13,780	$	9,134	$	9,641	$	29,972	$	13,780	$	9,134	$	39,613	$	62,527	$	(2,143)

(1) Depreciation on buildings and improvements reflected in the consolidated statement of operations is calculated on the straight-line basis over estimated useful lives of 10 to 39 years.

(2) (a) Reconciliation of Real Estate Properties:

The following table reconciles the activity for the real estate properties for the periods reported (dollars in thousands):

			Period from
			March 1, 2015
	Year Ended		through
	December 31,		December 31,
	2016		2015
Balance at beginning of period	$	44,576	$	32,938
Additions		17,951		11,638
Balance at end of period	$	62,527	$	44,576

The aggregate cost of land, building and improvements, before depreciation, for federal income tax purposes at December 31, 2016 was $53.4 million (unaudited).

(b) Reconciliation of Accumulated Depreciation:

The following table reconciles the accumulated depreciation for the periods reported (dollars in thousands):

			Period from
			March 1,
	Year Ended		2015 through
	December 31,		December 31,
	2016		2015
Balance at beginning of period	$	1,938	$	1,817
Depreciation related to real estate		205		121
Balance at end of period	$	2,143	$	1,938