Rental Properties

3 Months Ended

Mar. 31, 2016

Real Estate [Abstract]

Rental Properties

Rental Properties

The following table summarizes the carrying amounts of rental properties as of March 31, 2016 and December 31, 2015 (in thousands):

	March 31, 2016			December 31, 2015
Buildings and improvements	$	2,884,181		$	2,837,611
Furniture, fixtures & equipment	35,213			34,423
Land	857,148			687,468
	3,776,542			3,559,502
Accumulated depreciation	(562,195		)	(534,303		)
Total	$	3,214,347		$	3,025,199

Depreciation expense on rental properties was $25.0 million and $18.4 million for the three months ended March 31, 2016 and 2015, respectively.