Real Estate (Tables)

6 Months Ended

Jun. 30, 2015

The Company's real estate assets were comprised of the following ($ in thousands):



	Net Lease			Operating Properties			Land			Total
As of June 30, 2015
Land and land improvements	$	310,196		$	142,892		$	874,147		$	1,327,235
Buildings and improvements	1,232,001			452,742			—			1,684,743
Less: accumulated depreciation and amortization	(378,847		)	(85,168		)	(9,147		)	(473,162		)
Real estate, net	1,163,350			510,466			865,000			2,538,816
Real estate available and held for sale	2,708			138,187			147,126			288,021
Total real estate	$	1,166,058		$	648,653		$	1,012,126		$	2,826,837
As of December 31, 2014
Land and land improvements	$	311,890		$	146,417		$	868,650		$	1,326,957
Buildings and improvements	1,240,593			578,013			—			1,818,606
Less: accumulated depreciation and amortization	(364,323		)	(96,159		)	(8,367		)	(468,849		)
Real estate, net	1,188,160			628,271			860,283			2,676,714
Real estate available and held for sale	4,521			162,782			118,679			285,982
Total real estate	$	1,192,681		$	791,053		$	978,962		$	2,962,696

Schedule of Acquisitions of Real Estate Assets, Cash Paid

The following acquisitions of real estate were reflected in the Company's Consolidated Statements of Cash Flows for the six months ended June 30, 2015 and 2014 ($ in thousands):

Explanatory Note:

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(1)	During the six months ended June 30, 2014, the Company purchased one condominium unit for $2.4 million.

During the six months ended June 30, 2015, the Company acquired, via deed-in-lieu, title to a residential operating property, which had a total fair value of $13.4 million and previously served as collateral for loans receivable held by the Company. No gain or loss was recorded in connection with this transaction.

During the six months ended June 30, 2014, the Company acquired, via deed-in-lieu, title to three commercial operating properties and a land asset, which had a total fair value of $77.9 million and previously served as collateral for loans receivable held by the Company. No gain or loss was recorded in connection with this transaction. The following table summarizes the Company's pro forma revenues and net income for the three and six months ended June 30, 2014, as if the acquisition of the properties acquired during the six months ended June 30, 2014 was completed on January 1, 2013 ($ in thousands):

For the Six Months Ended June 30,

Acquisitions of real estate assets