Real Estate Investments

12 Months Ended

Dec. 31, 2017

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

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