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Real Estate | 9 Months Ended
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Sep. 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 September 30, 2019 |  |  |  |  |
Land, at cost | $ | 201,197 |  |  | $ | 106,187 |  |  | $ | 307,384 |
Buildings and improvements, at cost | 1,342,319 |  |  | 106,821 |  |  | 1,449,140 |
Less: accumulated depreciation | (213,618 | ) |  | (12,790 | ) |  | (226,408 | )
Real estate, net | 1,329,898 |  |  | 200,218 |  |  | 1,530,116 |
Real estate available and held for sale (2) | — |  |  | 12,688 |  |  | 12,688 |
Total real estate | $ | 1,329,898 |  |  | $ | 212,906 |  |  | $ | 1,542,804 |
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 |
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(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 September 30, 2019 and December 31, 2018, the Company had $11.7 million and $20.6 million, respectively, of residential condominiums available for sale in its operating properties portfolio.
Acquisitions—During the nine months ended September 30, 2019, the Company acquired a net lease asset for $11.5 million. In addition, the Company acquired the leasehold interest in a 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) and also acquired the leasehold interest in a net lease asset for $110.6 million and simultaneously entered into a new 99-year Ground Lease with SAFE (refer to Note 8). Dispositions—The following table presents the net proceeds and income recognized for properties sold, by property type ($ in millions):
|  | Nine Months Ended September 30,
|  | 2019 |  | 2018
Operating Properties |  |  |  |
Proceeds(1) |  | $ | 80.2 |  |  | $ | 228.7 |
Income from sales of real estate(1) |  | 10.2 |  |  | 54.5 |
Net Lease |  |  |  |
Proceeds(2) |  | $ | 452.7 |  |  | $ | 38.4 |
Income from sales of real estate(2) |  | 223.2 |  |  | 24.9 |
Total |  |  |  |
Proceeds |  | $ | 532.9 |  |  | $ | 267.1 |
Income from sales of real estate |  | 233.4 |  |  | 79.4 |
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(1) | During the nine months ended September 30, 2019, the Company sold commercial and residential operating properties with an aggregate carrying value of $70.0 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 nine months ended September 30, 2018, the Company sold commercial and residential operating properties and recognized $54.5 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 nine months ended September 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 nine months ended September 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 nine months ended September 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 nine months ended September 30, 2018, the Company recorded aggregate impairments of $9.9 million resulting from the determination that the Company's total recovery related to a net lease asset was less than its carrying value and from the sale of commercial and residential operating properties. 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 $4.9 million and $14.8 million for the three and nine months ended September 30, 2019, respectively, and $5.7 million and $16.3 million for the three and nine months ended September 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 September 30, 2019 and December 31, 2018, the allowance for doubtful accounts related to real estate tenant receivables was $1.2 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 September 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.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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