Real Estate Investments |
Real Estate Investments
As of December 31, 2017, the Company had investments of approximately $399.1 million in 86 real estate properties, including one mortgage note receivable. The following table summarizes the Company's investments. | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | Number of Facilities | | Land and Land Improvements | | Buildings, Improvements, and Lease Intangibles | | Personal Property | | Total | | Accumulated Depreciation | Medical office buildings: | | | | | | | | | | | | Florida | 5 |
| | $ | 4,608 |
| | $ | 29,235 |
| | $ | — |
| | $ | 33,843 |
| | $ | 2,493 |
| Ohio | 5 |
| | 3,167 |
| | 23,526 |
| | — |
| | 26,693 |
| | 3,431 |
| Texas | 3 |
| | 3,096 |
| | 12,489 |
| | — |
| | 15,585 |
| | 3,284 |
| Illinois | 2 |
| | 1,134 |
| | 11,823 |
| | — |
| | 12,957 |
| | 1,589 |
| Kansas | 2 |
| | 1,427 |
| | 10,497 |
| | — |
| | 11,924 |
| | 2,429 |
| Iowa | 1 |
| | 2,241 |
| | 8,991 |
| | — |
| | 11,232 |
| | 1,148 |
| Virginia | 1 |
| | 369 |
| | 4,649 |
| | — |
| | 5,018 |
| | 233 |
| Other states | 13 |
| | 3,276 |
| | 22,697 |
| | — |
| | 25,973 |
| | 2,279 |
| | 32 |
| | 19,318 |
| | 123,907 |
| | — |
| | 143,225 |
| | 16,886 |
| Physician clinics: | | | | | | | | | | | | Kansas | 3 |
| | 1,638 |
| | 10,899 |
| | — |
| | 12,537 |
| | 1,981 |
| Illinois | 2 |
| | 2,615 |
| | 6,354 |
| | — |
| | 8,969 |
| | 87 |
| Florida | 3 |
| | — |
| | 5,950 |
| | — |
| | 5,950 |
| | 512 |
| Other states | 9 |
| | 3,221 |
| | 18,461 |
| | — |
| | 21,682 |
| | 3,025 |
| | 17 |
| | 7,474 |
| | 41,664 |
| | — |
| | 49,138 |
| | 5,605 |
| Surgical centers and hospitals | | | | | | | | | | | | Louisiana | 1 |
| | 1,683 |
| | 21,353 |
| | — |
| | 23,036 |
| | 577 |
| Indiana | 1 |
| | 523 |
| | 14,405 |
| | — |
| | 14,928 |
| | 360 |
| Michigan | 2 |
| | 628 |
| | 8,272 |
| | — |
| | 8,900 |
| | 1,960 |
| Illinois | 1 |
| | 2,183 |
| | 5,410 |
| | — |
| | 7,593 |
| | 740 |
| Florida | 1 |
| | 271 |
| | 7,017 |
| | — |
| | 7,288 |
| | 233 |
| Arizona | 2 |
| | 576 |
| | 5,389 |
| | — |
| | 5,965 |
| | 1,000 |
| Other states | 5 |
| | 1,555 |
| | 11,000 |
| | — |
| | 12,555 |
| | 2,861 |
| | 13 |
| | 7,419 |
| | 72,846 |
| | — |
| | 80,265 |
| | 7,731 |
| Specialty centers | | | | | | | | | | | | Illinois | 2 |
| | 2,057 |
| | 19,575 |
| | — |
| | 21,632 |
| | 215 |
| Alabama | 3 |
| | 415 |
| | 4,417 |
| | — |
| | 4,832 |
| | 1,295 |
| Nevada | 1 |
| | 276 |
| | 4,402 |
| | — |
| | 4,678 |
| | 273 |
| Other states | 11 |
| | 1,919 |
| | 18,664 |
| | — |
| | 20,583 |
| | 2,854 |
| | 17 |
| | 4,667 |
| | 47,058 |
| | — |
| | 51,725 |
| | 4,637 |
| Behavioral facilities: | | | | | | | | | | | | West Virginia | 1 |
| | 2,138 |
| | 22,897 |
| | — |
| | 25,035 |
| | 152 |
| Illinois | 1 |
| | 1,300 |
| | 18,803 |
| | — |
| | 20,103 |
| | 745 |
| Indiana | 2 |
| | 1,126 |
| | 6,040 |
| | — |
| | 7,166 |
| | 156 |
| Other states | 2 |
| | 977 |
| | 8,729 |
| | — |
| | 9,706 |
| | 100 |
| | 6 |
| | 5,541 |
| | 56,469 |
| | — |
| | 62,010 |
| | 1,153 |
| Corporate property | — |
| | — |
| | 2,011 |
| | 112 |
| | 2,123 |
| | 124 |
| Total owned properties | 85 |
| | $ | 44,419 |
| | $ | 343,955 |
| | $ | 112 |
| | $ | 388,486 |
| | $ | 36,136 |
| Mortgage note receivable | 1 |
| | — |
| | — |
| | — |
| | 10,633 |
| | — |
| Total real estate investments | 86 |
| | $ | 44,419 |
| | $ | 343,955 |
| | $ | 112 |
| | $ | 399,119 |
| | $ | 36,136 |
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Depreciation expense was $7.6 million, $4.5 million and $1.5 million, respectively, as of December 31, 2017, 2016 and 2015, which is included in depreciation and amortization expense on the Company's Consolidated Statements of Income (Loss). Depreciation and amortization of real estate assets and liabilities in place as of December 31, 2017, is recognized on a straight-line basis over the estimated useful lives of the assets. The estimated useful lives at December 31, 2017 are as follows:
| | | Land improvements | 2 - 15 years | Buildings | 15 - 40 years | Building improvements | 3.0 - 39.8 years | Tenant improvements | 2.3 - 15.7 years | Lease intangibles | 0.7 - 13.7 years | Personal property | 3 -10 years |
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