Real Estate

The following table contains information regarding the Company’s investment in real estate as of the following periods:



	March 31, 2015
	Land		Buildings		Accumulated depreciation			Total
Greenfield Portfolio - Triple net lease	$	5,600	$	14,220	$	(1,419	)	$	18,401
Calamar Properties - JV	840		22,232		(1,313		)	21,759
Terraces Portfolio - Triple net lease	803		20,123		(919		)	20,007
Heritage Portfolio - JV	3,605		39,635		(1,333		)	41,907
Greenfield Portfolio - JV	2,690		25,236		(398		)	27,528
Royal Portfolio - JV	2,770		24,314		(127		)	26,957
Greenfield II Portfolio - Triple net lease	4,800		46,388		—			51,188
Other real estate owned	—		1,675		(343		)	1,332
Total	$	21,108	$	193,823	$	(5,852	)	$	209,079

	December 31, 2014
	Land		Buildings		Accumulated depreciation			Total
Greenfield Portfolio - Triple net lease	$	5,600	$	14,220	$	(1,319	)	$	18,501
Calamar Properties - JV	840		22,230		(1,161		)	21,909
Terraces Portfolio - Triple net lease	803		20,123		(778		)	20,148
Heritage Portfolio - JV	3,605		39,535		(1,055		)	42,085
Greenfield Portfolio - JV	2,690		24,827		(198		)	27,319
Other real estate owned	—		1,675		(329		)	1,346
Total	$	13,538	$	122,610	$	(4,840	)	$	131,308

2015 Acquisitions

Royal Portfolio - JV

On February 9, 2015, affiliates of Care entered into a joint venture to own and operate five seniors housing communities with affiliates of Royal. The joint venture acquired the communities for $30,052 Affiliates of Care own an 80% interest in the joint venture, while affiliates of Royal own the remaining 20% interest and they provide management services to the communities under management contracts. In connection with the acquisition, Care and Royal secured a $22,500, five year loan, (subject to a holdback) that includes 36 months of interest only payments and a $2,000 commitment, which will be available between February 9, 2016 and February 9, 2019, subject to certain conditions. For the three months ended March 31, 2015, rental revenue and the net loss were $1,446 and $1,388, respectively.

Greenfield II Portfolio - Triple net lease

On March 30, 2015, affiliates of Care acquired six seniors housing communities for $54,788. The properties are leased to affiliates of Greenfield Holdings, LLC, which will operate the properties. In connection with the acquisition, Care secured a $39,500, 10 year loan (subject to a holdback), which includes 18 months of interest only payments. As of March 31, 2015 the loan had an aggregate balance of $38,700.

2014 Acquisitions

Heritage Portfolio - JV

Affiliates of Care entered into a joint venture to own and operate an additional seniors housing community with affiliates of Heritage. Affiliates of Care own an 80% interest in the joint venture, while affiliates of Heritage own the remaining 20% interest and continue to provide management services to the communities under a management contract. For the three months ended March 31, 2015, rental revenue and net loss from this acquisition were $1,556 and $234, respectively.

Greenfield Portfolio - JV

Affiliates of Care entered into a joint venture to own and operate three seniors housing communities with affiliates of Greenfield. Care owns an 80% interest in the joint venture, while affiliates of Greenfield own the remaining 20% interest and provide management services to the communities under a management contract. For the three months ended March 31, 2015, rental revenue and net loss were approximately $1,792 and $672, respectively.

Other Real Estate Owned

The other real estate owned represents a single family residential property located in Connecticut that is being rented through the Company's subsidiary, Luxury.

The following table presents the future minimum annual rental revenue under the noncancelable terms of all operating leases as of:



	March 31, 2015
Remainder of 2015	5,427
2016	7,132
2017	7,232
2018	7,335
2019	7,441
Thereafter	45,383
Total	79,950

The schedule of minimum future rental revenue excludes residential lease agreements, generally having terms of one year or less. Rental revenue from residential leases of Care and Luxury were $8,311 and $3,482 for the three months ended March 31, 2015 and 2014, respectively.