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Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2016
Real Estate [Abstract] |
Schedule of real estate assets | 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 | $ | 231,506 |  |  | $ | 211,054 |  |  | $ | 442,560 |
Buildings and improvements, at cost | 987,050 |  |  | 311,283 |  |  | 1,298,333 |
Less: accumulated depreciation | (307,444 | ) |  | (46,175 | ) |  | (353,619 | )
Real estate, net | 911,112 |  |  | 476,162 |  |  | 1,387,274 |
Real estate available and held for sale (2) | 155,051 |  |  | 82,480 |  |  | 237,531 |
Total real estate | $ | 1,066,163 |  |  | $ | 558,642 |  |  | $ | 1,624,805 |
As of December 31, 2015 |  |  |  |  |
Land, at cost | $ | 268,927 |  |  | $ | 133,275 |  |  | $ | 402,202 |
Buildings and improvements, at cost | 1,059,183 |  |  | 427,371 |  |  | 1,486,554 |
Less: accumulated depreciation | (318,839 | ) |  | (79,142 | ) |  | (397,981 | )
Real estate, net | 1,009,271 |  |  | 481,504 |  |  | 1,490,775 |
Real estate available and held for sale (2) | 148,841 |  |  | 137,274 |  |  | 286,115 |
Total real estate | $ | 1,158,112 |  |  | $ | 618,778 |  |  | $ | 1,776,890 |
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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 | $ | 449,449 |
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 |  | $ | 106,076 |  |  | $ | 36,580 |
2018 |  | 108,975 |  |  | 34,535 |
2019 |  | 109,485 |  |  | 30,805 |
2020 |  | 108,922 |  |  | 28,225 |
2021 |  | 108,922 |  |  | 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 |

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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717 + Details
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