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



	Net Lease⁽¹⁾			Operating Properties			Total
As of March 31, 2017
Land, at cost	$	271,433		$	211,054		$	482,487
Buildings and improvements, at cost	1,097,049			316,726			1,413,775
Less: accumulated depreciation	(370,168		)	(49,503		)	(419,671		)
Real estate, net	998,314			478,277			1,476,591
Real estate available and held for sale ⁽²⁾	—			71,934			71,934
Total real estate	$	998,314		$	550,211		$	1,548,525
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

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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 March 31, 2017 and December 31, 2016, the Company had $71.9 million and $82.5 million, respectively, of residential properties available for sale in its operating properties portfolio.