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REAL ESTATE PROPERTIES HELD FOR INVESTMENT (Tables)
 12 Months Ended
Dec. 31, 2019
Real Estate Investments, Net [Abstract]  
Real Estate Properties Held for Investment
The Company’s real estate properties held for investment consisted of the following (dollars in thousands):
As of December 31, 2019  
Property Type
 
Number of
Properties
 
Number of
Beds/Units
 
Total
Real Estate
at Cost
 
Accumulated
Depreciation
 
Total
Real Estate
Investments, Net
Skilled Nursing/Transitional Care
 
296

 
33,290

 
$
3,701,666

 
$
(306,565
)
 
$
3,395,101

Senior Housing - Leased (1)
 
62

 
3,820

 
630,688

 
(72,278
)
 
558,410

Senior Housing - Managed (1)
 
46

 
4,809

 
907,771

 
(112,893
)
 
794,878

Specialty Hospitals and Other
 
25

 
1,193

 
639,721

 
(47,124
)
 
592,597

 
 
429

 
43,112

 
5,879,846

 
(538,860
)
 
5,340,986

Corporate Level
 
 
 
 
 
737

 
(353
)
 
384

 
 
 
 
 
 
$
5,880,583

 
$
(539,213
)
 
$
5,341,370

As of December 31, 2018
Property Type
 
Number of
Properties
 
Number of
Beds/Units
 
Total
Real Estate
at Cost
 
Accumulated
Depreciation
 
Total
Real Estate
Investments, Net
Skilled Nursing/Transitional Care
 
335

 
37,628

 
$
4,094,484

 
$
(224,942
)
 
$
3,869,542

Senior Housing - Leased (1)
 
90

 
7,332

 
1,237,790

 
(125,902
)
 
1,111,888

Senior Housing - Managed (1)
 
23

 
1,603

 
301,739

 
(19,537
)
 
282,202

Specialty Hospitals and Other
 
22

 
1,085

 
621,236

 
(31,640
)
 
589,596

 
 
470

 
47,648

 
6,255,249

 
(402,021
)
 
5,853,228

Corporate Level
 
 
 
 
 
634

 
(317
)
 
317

 
 
 
 
 
 
$
6,255,883

 
$
(402,338
)
 
$
5,853,545


(1) During the year ended December 31, 2019, the Company transitioned 21 senior housing communities to its Senior Housing - Managed portfolio.
 
December 31, 2019
 
December 31, 2018
Building and improvements
$
5,042,435

 
$
5,388,102

Furniture and equipment
239,229

 
237,145

Land improvements
1,534

 
1,254

Land
597,385

 
629,382

 
5,880,583

 
6,255,883

Accumulated depreciation
(539,213
)
 
(402,338
)
 
$
5,341,370

 
$
5,853,545
Lessor, Operating Lease, Payments to be Received, Maturity
The future minimum rental payments from the Company’s properties held for investment under non-cancelable operating leases were as follows and may materially differ from actual future rental payments received (in thousands):
As of December 31, 2019
2020
$
428,101

2021
427,791

2022
404,568

2023
389,810

2024
380,944

Thereafter
1,672,008

 
$
3,703,222
Future Minimum Rental Payments from Non-Cancelable Operating Leases
As of December 31, 2018
2019
$
465,766

2020
456,207

2021
452,346

2022
454,216

2023
437,277

Thereafter
2,407,064

 
$
4,672,876