	March 31, 2019			December 31, 2018
Building and building improvements	$	9,285,485		$	8,389,864
Land and land improvements		2,090,200			1,961,977
Furniture, fixtures and equipment		204,182			182,418
Right of use asset - operating leases		45,678			—
Right of use asset - financing leases		62,130			—
Total		11,687,675			10,534,259
Accumulated depreciation		(365,619	)		(274,572	)
Investments in real estate, net	$	11,322,056		$	10,259,687

During the three months ended March 31, 2019, the Company acquired interests in 4 real estate investments, which were comprised of one industrial, 15 multifamily and one hotel property.

The following table provides further details of the properties acquired during the three months ended March 31, 2019 ($ in thousands):

Investment	Ownership Interest⁽¹⁾	Number of Properties		Location	Segment	Acquisition Date	Purchase Price⁽²⁾
4500 Westport Drive	100%		1	Harrisburg, PA	Industrial	Jan. 2019	$	11,975
Roman Multifamily Portfolio	100%		14	Various⁽³⁾	Multifamily	Feb. 2019		857,540
Gilbert Heritage Apartments	90%		1	Phoenix, AZ	Multifamily	Feb. 2019		60,984
Courtyard Kona	100%		1	Kailua-Kona, HI	Hotel	Mar. 2019		105,587
			17				$	1,036,086

⁽¹⁾

Certain of the investments made by the Company provide the seller or the other partner a profits interest based on certain internal rate of return hurdles being achieved. Such investments are consolidated by the Company and any profits interest due to the other partner is reported within non-controlling interests.

⁽²⁾	Purchase price is inclusive of acquisition related costs.

⁽³⁾	The Roman Multifamily Portfolio is primarily concentrated in Riverside, CA (18% of units), Denver, CO (13%), Tampa, FL (10%), Orlando, FL (9%), Charlotte, NC (9%), Portland, OR (8%), and Dallas, TX (8%).

The following table summarizes the purchase price allocation for the properties acquired during the three months ended March 31, 2019 ($ in thousands):

	Roman Multifamily Portfolio		All Other			Total
Building and building improvements	$	714,941	$	151,401		$	866,342
Land and land improvements		110,206		17,526			127,732
Furniture, fixtures and equipment		8,538		7,364			15,902
In-place lease intangibles		23,855		2,623			26,478
Above-market lease intangibles		—		10			10
Below-market lease intangibles		—		(378	)		(378	)
Total purchase price		857,540		178,546			1,036,086
Assumed mortgage notes⁽¹⁾		237,981		53,637			291,618
Net purchase price	$	619,559	$	124,909		$	744,468

⁽¹⁾	Refer to Note 6 for additional details on the Company’s mortgage notes.

The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles, and below-market lease intangibles of the properties acquired during the three months ended March 31, 2019 were one, two, and five years, respectively.

Certain of the Company’s investments in real estate are subject to ground leases. The Company’s ground leases are classified as either operating leases or financing leases based on the characteristics of each lease. As of March 31, 2019, the Company had four ground leases classified as operating and three ground leases classified as financing. Each of the Company’s ground leases were acquired as part of the acquisition of real estate and no incremental costs were incurred for such ground leases. The Company’s ground leases are non-cancelable and do not contain renewal options. The following table presents the future lease payments due under the Company’s ground leases ($ in thousands):

	Operating Leases		Financing Leases
2019 (remaining)	$	1,059	$	2,189
2020		1,445		2,991
2021		1,481		3,081
2022		1,518		3,174
2023		1,556		3,269
2024		1,596		3,367
Thereafter		457,749		330,546
Total undiscounted future lease payments		466,404		348,617
Difference between undiscounted cash flows and discounted cash flows		434,921		288,309
Total right of use lease liability	$	31,483	$	60,308

The Company utilized its incremental borrowing rate of approximately 7% to determine its lease liabilities. As of March 31, 2019, the weighted average remaining lease term of the Company’s operating leases and financing leases was 78 years and 77 years, respectively.

Payments under the Company’s ground leases primarily contain fixed payment components that may include periodic increases fixed to an index or periodic fixed percentage escalations. One of the Company’s ground leases contains a variable component based on a percentage of revenue. The following table summarizes the fixed and variable components of the Company’s operating leases ($ in thousands):

	Three Months Ended March 31,
	2019		2018
Fixed ground rent expense	$	359	$	68
Variable ground rent expense		18		6
Total cash portion of ground rent expense		377		74
Non-cash ground rent expense		1,092		51
Total operating lease costs	$	1,469	$	125

Lease costs related to the Company’s financing leases were $15,000 for the three months ended March 31, 2019, and the Company did not incur any lease costs during the corresponding period of the prior year. Additionally, lease costs recognized during the prior period are presented under the standard in effect prior to the Company’s adoption of ASU 2016-02.

The Company’s rental revenue primarily consists of rent earned from operating leases at the Company’s multifamily, industrial, and retail properties. Leases at the Company’s industrial and retail properties generally include a fixed base rent and certain leases also contain a variable component. The variable component of the Company’s operating leases at its industrial and retail properties primarily consist of the reimbursement of operating expenses such as real estate taxes, insurance, and common area maintenance costs. Leases at the Company’s industrial and retail properties are generally longer term and may contain extension and termination options at the lessee’s election. Rental revenue earned from leases at the Company’s multifamily properties primarily consist of a fixed base rent and certain leases contain a variable component that allow for the pass-through of certain operating expenses such as utilities. Leases at the Company’s multifamily properties are short term in nature, generally not greater than 12 months in length.

The following table details the components of operating lease income from leases in which the Company is the lessor ($ in thousands):

	Three Months Ended March 31,
	2019		2018
Fixed lease payments	$	188,855	$	78,513
Variable lease payments		23,342		9,048
Rental revenue	$	212,197	$	87,561