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Real Estate
 6 Months Ended
Jun. 30, 2019
Real Estate [Abstract]  
Real Estate Real Estate
The Company's real estate assets were comprised of the following ($ in thousands):
 
Net Lease(1)
 
Operating
Properties
 
Total
As of June 30, 2019
 
 
 
 
 
Land, at cost
$
201,658

 
$
105,770

 
$
307,428

Buildings and improvements, at cost
1,255,681

 
77,707

 
1,333,388

Less: accumulated depreciation
(207,515
)
 
(11,699
)
 
(219,214
)
Real estate, net
1,249,824

 
171,778

 
1,421,602

Real estate available and held for sale (2)
—

 
12,770

 
12,770

Total real estate
$
1,249,824

 
$
184,548

 
$
1,434,372

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 (2)
1,055

 
21,496

 
22,551

Total real estate
$
1,537,549

 
$
256,021

 
$
1,793,570


_______________________________________________________________________________
(1)
In May 2019, the Company modified certain of its leases. As a result of these modifications, the Company is required to account for the leases as sales-type leases and recorded $424.1 million in "Net investment in leases" and derecognized $193.4 million from "Real estate, net" and "Real estate available and held for sale" on its consolidated balance sheet (refer to Note 5).
(2)
As of June 30, 2019 and December 31, 2018, the Company had $11.8 million and $20.6 million, respectively, of residential condominiums available for sale in its operating properties portfolio.

Acquisitions—During the six months ended June 30, 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 8). 

Dispositions—The following table presents the net proceeds and income recognized for properties sold, by property type ($ in millions):
 
 
Six Months Ended June 30,
 
 
2019
 
2018
Operating Properties
 
 
 
 
       Proceeds(1)
 
$
80.1

 
$
196.2

       Income from sales of real estate(1)
 
10.2

 
49.0

 
 
 
 
 
Net Lease
 
 
 
 
       Proceeds(2)
 
$
440.1

 
$
38.4

       Income from sales of real estate(2)
 
219.7

 
24.9

 
 
 
 
 
Total
 
 
 
 
       Proceeds
 
$
520.2

 
$
234.6

       Income from sales of real estate
 
229.9

 
73.9


_______________________________________________________________________________
(1)
During the six months ended June 30, 2019, the Company sold commercial and residential operating properties with an aggregate carrying value of $69.9 million and recognized gains of $10.2 million in "Income from sales of real estate" in the Company's consolidated statements of operations. During the six months ended June 30, 2018, the Company sold commercial and residential operating properties and recognized $49.0 million of gains in "Income from sales of real estate" in the Company's consolidated statements of operations, of which $9.8 million was attributable to a noncontrolling interest at one of the properties.
(2)
During the six months ended June 30, 2019, the Company sold a portfolio of net lease assets with an aggregate carrying value of $220.4 million and recognized gains of $219.7 million in "Income from sales of real estate" in the Company's consolidated statements of operations. In connection with the sale of this portfolio of assets the buyer assumed a $228.0 million non-recourse mortgage. During the six months ended June 30, 2018, the Company sold net lease assets and recognized $24.9 million of gains in "Income from sales of real estate" in the Company's consolidated statements of operations.

Impairments—During the six months ended June 30, 2019, the Company recorded an impairment of $3.3 million on a commercial operating property based on an executed purchase and sale agreement and recorded $0.6 million of impairments in connection with the sale of residential condominium units. During the six months ended June 30, 2018, the Company recorded aggregate impairments of $8.9 million resulting from the determination that the Company's total recovery related to a net lease asset was less than its carrying value and 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 $4.5 million and $9.9 million for the three and six months ended June 30, 2019, respectively, and $5.0 million and $10.6 million for the three and six months ended June 30, 2018, respectively. These amounts are included in "Operating lease income" in the Company's consolidated statements of operations.
Allowance for Doubtful Accounts—As of June 30, 2019 and December 31, 2018, the allowance for doubtful accounts related to real estate tenant receivables was $1.0 million and $1.5 million, respectively, and the allowance for doubtful accounts related to deferred operating lease income was $1.1 million and $1.8 million as of June 30, 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.