REAL ESTATE INVESTMENTS, NET

The following tables summarize the Company’s investment in owned properties as of March 31, 2018 and December 31, 2017 (dollars in thousands):



	March 31, 2018			December 31, 2017
Land	$	153,584		$	151,879
Buildings and improvements	1,145,574			1,114,605
Integral equipment, furniture and fixtures	83,323			80,729
Identified intangible assets	2,382			2,382
Real estate investments	1,384,863			1,349,595
Accumulated depreciation	(207,723		)	(197,334		)
Real estate investments, net	$	1,177,140		$	1,152,261

As of March 31, 2018, 92 of the Company’s 188 facilities were leased to subsidiaries of Ensign under eight master leases (the “Ensign Master Leases”) which commenced on June 1, 2014. The obligations under the Ensign Master Leases are guaranteed by Ensign. A default by any subsidiary of Ensign with regard to any facility leased pursuant to an Ensign Master Lease will result in a default under all of the Ensign Master Leases. As of March 31, 2018, annualized revenues from the Ensign Master Leases were $57.7 million and are escalated annually by an amount equal to the product of (1) the lesser of the percentage change in the Consumer Price Index (“CPI”) (but not less than zero) or 2.5%, and (2) the prior year’s rent. In addition to rent, the subsidiaries of Ensign that are tenants under the Ensign Master Leases are solely responsible for the costs related to the leased properties (including property taxes, insurance, and maintenance and repair costs).

As of March 31, 2018, 96 of the Company’s 188 facilities were leased to various other operators under triple-net leases. All of these leases contain annual escalators based on CPI, some of which are subject to a cap, or fixed rent escalators.

The Company’s three remaining properties as of March 31, 2018 are the independent living facilities that the Company owns and operates.

The Company has only two identified intangible assets which relate to a below-market ground lease and three acquired operating leases. The ground lease has a remaining term of 80 years.

As of March 31, 2018, the Company’s total future minimum rental revenues for all of its tenants were (dollars in thousands):



Year	Amount
Remaining 2018	$	102,487
2019	135,574
2020	134,503
2021	134,756
2022	135,013
Thereafter	1,108,559
	$	1,750,892

Recent Real Estate Acquisitions

The following table summarizes the Company’s acquisitions for the three months ended March 31, 2018 (dollar amounts in thousands):



Type of Property	Purchase Price⁽¹⁾		Annual Cash Rent		Number of Properties		Number of Beds/Units⁽²⁾
Skilled nursing	$	47,369	$	4,275	6		522
Multi-service campuses	—		—		—		—
Assisted living	—		—		—		—
Total	$	47,369	$	4,275	$	6	522

(1) Purchase price includes capitalized acquisition costs.

(2) The number of beds/units include operating beds at acquisition date.

Sale of Real Estate Investments

During the three months ended March 31, 2018, the Company sold three assisted living facilities consisting of 102 units located in Idaho with an aggregate carrying value of $10.9 million for an aggregate price of $13.0 million. In connection with the sale, the Company recognized a gain of $2.1 million.