Real Estate (Tables)

12 Months Ended

Dec. 31, 2016

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



	Net Lease⁽¹⁾			Operating Properties			Total
As of December 31, 2016
Land, at cost	$	272,666		$	211,054		$	483,720
Buildings and improvements, at cost	1,111,589			311,283			1,422,872
Less: accumulated depreciation	(368,665		)	(46,175		)	(414,840		)
Real estate, net	1,015,590			476,162			1,491,752
Real estate available and held for sale ⁽²⁾	1,284			82,480			83,764
Total real estate	$	1,016,874		$	558,642		$	1,575,516
As of December 31, 2015
Land, at cost	$	306,172		$	133,275		$	439,447
Buildings and improvements, at cost	1,183,723			427,371			1,611,094
Less: accumulated depreciation	(377,416		)	(79,142		)	(456,558		)
Real estate, net	1,112,479			481,504			1,593,983
Real estate available and held for sale ⁽²⁾	—			137,274			137,274
Total real estate	$	1,112,479		$	618,778		$	1,731,257

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(1)

In 2014, the Company partnered with a sovereign wealth fund to form a venture to acquire and develop net lease assets (the "Net Lease Venture") and gave a right of first refusal to the Net Lease Venture on all new net lease investments (refer to Note 7 for more information on the Net Lease Venture). The Company is responsible for sourcing new opportunities and managing the Net Lease Venture and its assets in exchange for a promote and management fee.


(2)	As of December 31, 2016 and 2015 the Company had $82.5 million and $137.3 million, respectively, of residential properties available for sale in its operating properties portfolio.

Schedule of pro forma revenues and net income

The following unaudited table summarizes the Company's pro forma revenues and net income for the year ended December 31, 2014 as if the acquisition of the properties acquired during the year ended December 31, 2014 was completed on January 1, 2013 (unaudited and $ in thousands):



Pro forma total revenues	$	466,327
Pro forma net income	15,351

Schedule of future minimum rental payments for operating leases

Future minimum operating lease payments to be collected under non-cancelable leases, excluding customer reimbursements of expenses, in effect as of December 31, 2016, are as follows ($ in thousands):



Year	Net Lease Assets		Operating Properties
2017	$	120,055	$	36,580
2018	123,005		34,535
2019	123,567		30,805
2020	123,059		28,225
2021	123,063		26,794

Future minimum lease obligations under non-cancelable operating leases are as follows ($ in thousands):



2017	$	5,463
2018	4,552
2019	3,692
2020	3,696
2021	1,439
Thereafter	3,752