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Properties
6 Months Ended
Jun. 30, 2019
Properties  
Properties

6. Properties

Our properties are held within the following portfolios:

Ireland Portfolio

The Ireland Portfolio is comprised of 11 net leased fully occupied office properties and one multifamily property all located in Dublin, Ireland, which we acquired during the year ended December 31, 2015. The Ireland Portfolio, which collectively is comprised of approximately 600,000 square feet, includes total gross properties and lease intangibles of $519.7 million and debt of $358.0 million as of June 30, 2019.

Woodstar I Portfolio

The Woodstar I Portfolio is comprised of 32 affordable housing communities with 8,948 units concentrated primarily in the Tampa, Orlando and West Palm Beach metropolitan areas. During the year ended December 31, 2015, we acquired 18 of the 32 affordable housing communities of the Woodstar I Portfolio with the final 14 communities acquired during the year ended December 31, 2016. The Woodstar I Portfolio includes total gross properties and lease intangibles of $626.1 million and federal, state and county sponsored financing and other debt of $406.3 million as of June 30, 2019.

Woodstar II Portfolio

The Woodstar II Portfolio is comprised of 27 affordable housing communities with 6,109 units concentrated primarily in Central and South Florida. During the year ended December 31, 2017, we acquired eight of the 27 affordable housing communities of the Woodstar II Portfolio with the final 19 communities acquired during the year ended December 31, 2018. The Woodstar II Portfolio includes total gross properties and lease intangibles of $599.9 million and debt of $437.5 million as of June 30, 2019.

Medical Office Portfolio

The Medical Office Portfolio is comprised of 34 medical office buildings acquired during the year ended December 31, 2016. These properties, which collectively comprise 1.9 million square feet, are geographically dispersed throughout the U.S. and primarily affiliated with major hospitals or located on or adjacent to major hospital campuses. The Medical Office Portfolio includes total gross properties and lease intangibles of $759.3 million and debt of $488.9 million as of June 30, 2019.

Master Lease Portfolio

The Master Lease Portfolio is comprised of 16 retail properties geographically dispersed throughout the U.S., with more than 50% of the portfolio, by carrying value, located in Florida, Texas and Minnesota. These properties, which we acquired in September 2017, collectively comprise 1.9 million square feet and were leased back to the seller under corporate guaranteed master net lease agreements with initial terms of 24.6 years and periodic rent escalations. The Master Lease Portfolio includes total gross properties of $343.8 million and debt of $192.2 million as of June 30, 2019.

Investing and Servicing Segment Property Portfolio

The Investing and Servicing Segment Property Portfolio (the “REIS Equity Portfolio”) is comprised of 19 commercial real estate properties and one equity interest in an unconsolidated commercial real estate property. During the year ended December 31, 2018, we acquired three commercial real estate properties from CMBS trusts and the remaining 16 properties were acquired from CMBS trusts prior to December 31, 2017. The REIS Equity Portfolio includes total gross properties and lease intangibles of $350.4 million and debt of $236.9 million as of June 30, 2019.

The table below summarizes our properties held as of June 30, 2019 and December 31, 2018 (dollars in thousands):

    

Depreciable Life

    

June 30, 2019

    

December 31, 2018

Property Segment

Land and land improvements

0 – 15 years

$

647,568

$

648,972

Buildings and building improvements

5 – 45 years

1,981,043

1,980,283

Furniture & fixtures

3 – 7 years

49,198

46,048

Investing and Servicing Segment

Land and land improvements

0 – 15 years

82,480

82,332

Buildings and building improvements

3 – 40 years

215,573

213,010

Furniture & fixtures

2 – 5 years

2,470

2,158

Commercial and Residential Lending Segment (1)

Land and land improvements

0 – 7 years

11,386

Buildings

20 – 23 years

16,030

Properties, cost

3,005,748

2,972,803

Less: accumulated depreciation

(233,788)

(187,913)

Properties, net

$

2,771,960

$

2,784,890

(1)Represents properties acquired through loan foreclosure. Refer to Note 4 for further discussion.

During the three and six months ended June 30, 2018, we sold three and eight operating properties for $43.3 million and $95.6 million, respectively, recognizing a gain on sale of $13.4 million and $23.7 million, respectively, within gain on sale of investments and other assets in our condensed consolidated statements of operations. One of these properties was acquired by a third party which already held a $0.3 million non-controlling interest in the property. During the three and six months ended June 30, 2018, $2.4 million and $3.7 million, respectively, of the gain on sale was attributable to non-controlling interests. No operating properties were sold during the three and six months ended June 30, 2019.

Future rental payments due to us from tenants under existing non-cancellable operating leases for each of the next five years and thereafter are as follows (in thousands):

2019 (remainder of)

   

$

123,703

2020

 

145,473

2021

 

119,548

2022

 

111,591

2023

96,183

Thereafter

 

837,959

Total

$

1,434,457