Rental Properties

The following table summarizes the carrying amounts of rental properties as of March 31, 2013 and December 31, 2012 (in thousands):



	March 31, 2013			December 31, 2012
Buildings and improvements	$	1,724,248		$	1,734,300
Furniture, fixtures & equipment	29,839			34,028
Land	487,449			492,449
	2,241,536			2,260,777
Accumulated depreciation	(383,332		)	(375,684		)
Total	$	1,858,204		$	1,885,093

Depreciation expense on rental properties was $12.6 million and $11.0 million for the three months ended March 31, 2013 and 2012, respectively.

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

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