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Real Estate Investments, Net (Tables)

9 Months Ended

Sep. 30, 2019

Summary of Investment in Owned Properties

The following table summarizes the Company’s investment in owned properties as of September 30, 2019 and December 31, 2018 (dollars in thousands):



	September 30, 2019			December 31, 2018
Land	$	198,028		$	166,948
Buildings and improvements	1,385,223			1,201,209
Integral equipment, furniture and fixtures	92,588			87,623
Identified intangible assets	1,400			2,382
Real estate investments	1,677,239			1,458,162
Accumulated depreciation and amortization	(273,215		)	(241,925		)
Real estate investments, net	$	1,404,024		$	1,216,237

Schedule of Total Future Minimum Rental Revenues

As of September 30, 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 (three months)	$	42,132
2020	169,209
2021	170,221
2022	170,587
2023	170,807
2024	170,952
Thereafter	1,111,769
	$	2,005,677

Schedule of Total Future Minimum Rental Revenues at Prior Year End

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

Schedule of Rental Income

The following table summarizes components of the Company’s rental income (dollars in thousands):



	For the Three Months Ended September 30,			For the Nine Months Ended September 30,
	2019
Rental Income
Contractual rent due⁽¹⁾	$	43,109		$	124,642
Straight-line rent	546			1,483
Adjustment for collectibility of rental income⁽²⁾	(12,078		)	(12,078		)
Total	$	31,577		$	114,047


(1)	Initial cash rent including operating expense reimbursements adjusted for rental escalators and increases due to landlord funded capital improvements.

(2)

In accordance with the new lease ASUs, the Company evaluated the collectibility of lease payments through maturity and determined that it was not probable that the Company would collect substantially all of the contractual obligations from five operators through maturity. As such, the Company reversed $7.8 million of contractual rent, $3.5 million of straight-line rent and $0.8 million of property taxes during the three months ended September 30, 2019. If lease payments are subsequently deemed probable of collection, the Company increases rental income for such recoveries.

Schedule of Real Estate Acquisitions

The following table summarizes the Company’s acquisitions for the nine months ended September 30, 2019 (dollars in thousands):



Type of Property	Purchase Price⁽¹⁾		Initial Annual Cash Rent⁽²⁾		Number of Properties	Number of Beds/Units⁽³⁾
Skilled nursing	$	246,099	$	22,129	16	2,029
Multi-service campuses	45,176		4,088		3	542
Assisted living	12,596		1,031		1	96
Total	$	303,871	$	27,248	20	2,667

(1) Purchase price includes capitalized acquisition costs.

(2) Initial annual cash rent excludes ground lease income.

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