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Rental Properties, Net
 9 Months Ended
Sep. 30, 2020
Real Estate [Abstract]  
Rental Properties, Net

NOTE 5 - RENTAL PROPERTIES, NET

The Company’s investments in rental properties consisted of the following (in thousands):

 

 

 

September 30, 2020

 

 

December 31, 2019

 

Land

 

$

119,028

 

 

$

119,028

 

Building and improvements

 

 

723,620

 

 

 

720,420

 

Furniture, fixtures and equipment

 

 

27,411

 

 

 

25,906

 

Construction in progress

 

 

748

 

 

 

1,955

 

 

 

 

870,807

 

 

 

867,309

 

Less: accumulated depreciation

 

 

(161,603

)

 

 

(131,779

)

 

 

$

709,204

 

 

$

735,530

 

 

Depreciation expense for the three months ended September 30, 2020 and 2019 was $10.0 million and $9.9 million, respectively. Depreciation expense for the nine months ended September 30, 2020 and 2019 was $30.2 million and $29.6 million, respectively.