Real Estate

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



	Net Lease			Operating Properties			Total
As of March 31, 2019
Land, at cost	$	302,199		$	105,771		$	407,970
Buildings and improvements, at cost	1,389,332			76,340			1,465,672
Less: accumulated depreciation	(241,686		)	(10,952		)	(252,638		)
Real estate, net	1,449,845			171,159			1,621,004
Real estate available and held for sale ⁽¹⁾	219,184			34,152			253,336
Total real estate	$	1,669,029		$	205,311		$	1,874,340
As of December 31, 2018
Land, at cost	$	336,740		$	133,599		$	470,339
Buildings and improvements, at cost	1,487,270			118,724			1,605,994
Less: accumulated depreciation	(287,516		)	(17,798		)	(305,314		)
Real estate, net	1,536,494			234,525			1,771,019
Real estate available and held for sale ⁽¹⁾	1,055			21,496			22,551
Total real estate	$	1,537,549		$	256,021		$	1,793,570

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(1)	As of March 31, 2019 and December 31, 2018, the Company had $16.1 million and $20.6 million, respectively, of residential condominiums available for sale in its operating properties portfolio.

Acquisitions—During the three months ended March 31, 2019, the Company acquired a net lease asset for $11.5 million and acquired the leasehold interest in another net lease asset for $98.2 million, inclusive of closing costs, and simultaneously entered into a new 98-year Ground Lease with SAFE (refer to Note 7).

Dispositions—The following table presents the net proceeds and income recognized for properties sold, by property type ($ in millions):



	Three Months Ended March 31,
	2019		2018
Operating Properties
Proceeds	$	58.5	$	41.9
Income from sales of real estate	9.4		16.6

Net Lease
Proceeds	$	—	$	2.3
Income from sales of real estate	—		0.4

Total
Proceeds	$	58.5	$	44.2
Income from sales of real estate	9.4		17.0

Real Estate Available and Held for Sale—During the three months ended March 31, 2019, the Company transferred a portfolio of net lease assets with an aggregate carrying value of $218.1 million and associated liabilities to held for sale due to an executed contract with a third party. In addition, the Company transferred a commercial operating property with a carrying value of $16.2 million to held for sale based on an executed purchase and sale agreement.

Impairments—During the three months ended March 31, 2019, the Company recorded an impairment of $3.2 million on a commercial operating property based on an executed purchase and sale agreement and recorded $0.7 million of impairments in connection with the sale of residential condominium units. During the three months ended March 31, 2018, the Company recorded an impairment of $4.1 million on a real estate asset held for sale due to contracts to sell the remaining four condominium units at the property.

Tenant Reimbursements—The Company receives reimbursements from tenants for certain facility operating expenses including common area costs, insurance, utilities and real estate taxes. Tenant expense reimbursements were $5.4 million and $5.6 million for the three months ended March 31, 2019 and 2018, respectively. These amounts are included in "Operating lease income" in the Company's consolidated statements of operations.

Allowance for Doubtful Accounts—As of March 31, 2019 and December 31, 2018, the allowance for doubtful accounts related to real estate tenant receivables was $1.1 million and $1.5 million, respectively, and the allowance for doubtful accounts related to deferred operating lease income was $1.3 million and $1.8 million as of March 31, 2019 and December 31, 2018, respectively. These amounts are included in "Accrued interest and operating lease income receivable, net" and "Deferred operating lease income receivable, net," respectively, on the Company's consolidated balance sheets.