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Real Estate Investments, Net
3 Months Ended
Mar. 31, 2021
Real Estate [Abstract]  
Real Estate Investments, Net
3. Real Estate Investments, Net
Our real estate investments, net consisted of the following as of March 31, 2021 and December 31, 2020:
 March 31,
2021
December 31,
2020
Building and improvements$888,055,000 $884,816,000 
Land109,771,000 109,444,000 
Furniture, fixtures and equipment8,768,000 8,599,000 
1,006,594,000 1,002,859,000 
Less: accumulated depreciation(89,081,000)(81,279,000)
Total$917,513,000 $921,580,000 
Depreciation expense for the three months ended March 31, 2021 and 2020 was $7,914,000 and $7,839,000, respectively. In addition to the property acquisition transaction discussed below, for the three months ended March 31, 2021, we incurred capital expenditures of $776,000 for our medical office buildings and $315,000 for our senior housing — RIDEA facilities. We did not incur any capital expenditures for our skilled nursing and senior housing facilities during the three months ended March 31, 2021.
On February 12, 2021, we acquired a previously unowned unit within one of our buildings at our existing Athens MOB Portfolio, originally purchased in May 2017, for a contract purchase price of $2,950,000. Our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of such unit, a base acquisition fee of 2.25% of the contract purchase price paid by us, or $66,000. We acquired such unit using cash on hand and borrowed $2,000,000 under the 2018 Credit Facility, as defined in Note 7, Line of Credit and Term Loans, at the time of acquisition.
We accounted for our acquisition completed during the three months ended March 31, 2021 as an asset acquisition. We incurred and capitalized the base acquisition fee and direct acquisition related expenses of $94,000. The following table summarizes the purchase price of the assets acquired at the time of acquisition based on their relative fair values:
2021
Acquisition
Building and improvements
$2,429,000 
Land327,000 
In-place lease288,000 
Total assets acquired
$3,044,000