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Operating Real Estate
3 Months Ended
Mar. 31, 2019
Real Estate [Abstract]  
Operating Real Estate
Operating Real Estate
The following table presents operating real estate, net as of March 31, 2019 and December 31, 2018 (dollars in thousands):
 
 
March 31, 2019 (Unaudited)
 
December 31, 2018
Land
 
$
236,036

 
$
236,736

Land improvements
 
22,512

 
22,453

Buildings and improvements
 
1,568,041

 
1,580,058

Tenant improvements
 
12,797

 
11,774

Construction in progress
 
4,799

 
5,605

Furniture, fixtures and equipment
 
94,202

 
93,371

Subtotal
 
1,938,387

 
1,949,997

Less: Accumulated depreciation
 
(184,594
)
 
(171,083
)
Operating real estate, net
 
$
1,753,793

 
$
1,778,914


Within the table above, buildings and improvements have been reduced by impairment totaling $31.0 million as of March 31, 2019 and December 31, 2018, respectively. The Company did not record impairment during the three months ended March 31, 2019. Impairment loss, as presented on the consolidated statements of operations, totaled $2.8 million for the three months ended March 31, 2018.
Future Minimum Rental Income
Minimum rental amounts due under leases are generally either subject to scheduled fixed increases or adjustments. The following table presents approximate future minimum rental income under noncancelable operating leases to be received over the next five years and thereafter as of March 31, 2019 (dollars in thousands):
April 1 to December 31, 2019(1)
 
$
25,072

Years Ending December 31:(1)
 
 
2020
 
34,265

2021
 
35,122

2022
 
14,907

2023
 
10,919

Thereafter
 
68,268

Total
 
$
188,553

_______________________________________
(1)
Excludes rental income from residents at ILFs that are subject to short-term leases.

As of December 31, 2018, approximate future minimum rental income under noncancelable operating leases to be received over the next five years and thereafter was as follows (dollars in thousands):
Years Ending December 31:(1)
 
 
2019
 
$
33,405

2020
 
34,240

2021
 
35,096

2022
 
14,635

2023
 
10,919

Thereafter
 
68,268

Total
 
$
196,563

_______________________________________
(1)
Excludes rental income from residents at ILFs that are subject to short-term leases.

Net lease rental properties owned as of March 31, 2019 are leased under noncancelable operating leases with current expirations ranging from 2021 to 2029, with certain tenant renewal rights. These net lease arrangements require the tenant to pay rent and substantially all the expenses of the leased property including maintenance, taxes, utilities and insurance. For certain properties, the tenants pay the Company, in addition to the contractual base rent, their pro rata share of real estate taxes and operating expenses. The Company’s net lease agreements provide for periodic rental increases based on the greater of certain percentages or increase in the consumer price index.