Operating Real Estate (Tables)

6 Months Ended

Jun. 30, 2019

The following table presents operating real estate, net as of June 30, 2019 and December 31, 2018 (dollars in thousands):



	June 30, 2019 (Unaudited)			December 31, 2018
Land	$	236,036		$	236,736
Land improvements	22,620			22,453
Buildings and improvements	1,560,418			1,580,058
Tenant improvements	13,439			11,774
Construction in progress	4,943			5,605
Furniture, fixtures and equipment	95,495			93,371
Subtotal	$	1,932,951		$	1,949,997
Less: Accumulated depreciation	(199,932		)	(171,083		)
Operating real estate, net	$	1,733,019		$	1,778,914

Schedule of Future Minimum Rental Payments for Operating Leases

The following table presents approximate future minimum rental income under noncancelable operating leases to be received over the next five years and thereafter as of June 30, 2019 (dollars in thousands):



July 1 to December 31, 2019⁽¹⁾	$	16,721
Years Ending December 31:⁽¹⁾
2020	34,282
2021	35,139
2022	14,910
2023	10,919
Thereafter	68,268
Total	$	180,239

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(1)	Excludes rental income from residents at ILFs that are subject to short-term leases.

Schedule of Future Minimum Rental Payments for Operating Leases, as of Prior Year End

As of December 31, 2018, approximate future minimum rental income under noncancelable operating leases to be received over the next five years and thereafter was as follows (dollars in thousands):



Years Ending December 31:⁽¹⁾
2019	$	33,405
2020	34,240
2021	35,096
2022	14,635
2023	10,919
Thereafter	68,268
Total	$	196,563

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(1)	Excludes rental income from residents at ILFs that are subject to short-term leases.