Investments in Real Estate (Tables)

12 Months Ended

Dec. 31, 2019

Real Estate Properties [Line Items]

Schedule of real estate properties

Owned properties, both wholly-owned and those owned through investments in VIEs, consisted of the following:

	December 31, 2019			December 31, 2018
Land	$	654,985		$	653,522
Buildings and improvements	6,749,757			6,486,106
Furniture, fixtures and equipment	391,208			371,429
Construction in progress	341,554			302,902
	8,137,504			7,813,959
Less accumulated depreciation	(1,442,789		)	(1,230,562		)
Owned properties, net	$	6,694,715		$	6,583,397

Our On-Campus Participating Properties segment includes six on-campus properties that are operated under long-term ground/facility leases with three university systems. Under our ground/facility leases, we receive an annual distribution representing 50% of these properties’ net cash flows, as defined in the ground/facility lease agreements.  We also manage these properties under long-term management agreements and are paid management fees equal to a percentage of defined gross receipts. 

On-campus participating properties consisted of the following:

	December 31, 2019			December 31, 2018
Buildings and improvements	$	155,941		$	150,087
Furniture, fixtures and equipment	13,552			11,817
Construction in progress	6			658
	169,499			162,562
Less accumulated depreciation	(94,311		)	(84,925		)
On-campus participating properties, net	$	75,188		$	77,637