REAL ESTATE INVESTMENTS, NET

The following table summarizes the Company’s investment in owned properties as of March 31, 2019 and December 31, 2018 (dollars in thousands):



	March 31, 2019			December 31, 2018
Land	$	176,798		$	166,948
Buildings and improvements	1,243,331			1,201,209
Integral equipment, furniture and fixtures	90,656			87,623
Identified intangible assets	1,400			2,382
Real estate investments	1,512,185			1,458,162
Accumulated depreciation and amortization	(252,849		)	(241,925		)
Real estate investments, net	$	1,259,336		$	1,216,237

As of March 31, 2019, 93 of the Company’s 202 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, 2019, annualized revenues from the Ensign Master Leases were $59.8 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, 2019, 106 of the Company’s 202 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, 2019 are the independent living facilities that the Company owns and operates.

The Company has only one identified intangible asset which relates to a below-market ground lease. The ground lease has a remaining term of 79 years.

As of March 31, 2019, the Company’s total future minimum rental revenues for all of its tenants, excluding operating expense reimbursements, were (dollars in thousands):



Year	Amount
2019 (nine months)	$	113,386
2020	151,591
2021	152,057
2022	152,541
2023	152,882
2024	153,150
Thereafter	988,982
	$	1,864,589

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



Year	Amount
2019	$	146,010
2020	146,560
2021	147,132
2022	147,719
2023	148,169
Thereafter	1,055,012
	$	1,790,602

Recent Real Estate Acquisitions

The following table summarizes the Company’s acquisitions for the three months ended March 31, 2019 (dollars in thousands):



Type of Property	Purchase Price⁽¹⁾		Initial Annual Cash Rent		Number of Properties	Number of Beds/Units⁽²⁾
Skilled nursing	$	43,938	$	3,983	4	492
Multi-service campuses	8,940		854		1	128
Assisted living	—		—		—	—
Total	$	52,878	$	4,837	5	620

(1) Purchase price includes capitalized acquisition costs.

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

See Note 13, Subsequent Events, for information regarding the Company’s acquisitions since March 31, 2019.