Rental Properties

9 Months Ended

Sep. 30, 2016

Real Estate [Abstract]

Rental Properties

Rental Properties

The following table summarizes the carrying amounts of rental properties as of September 30, 2016 and December 31, 2015 (in thousands):

	September 30, 2016			December 31, 2015
Buildings and improvements	$	3,156,812		$	2,837,611
Furniture, fixtures & equipment	40,177			34,423
Land	903,112			687,468
	4,100,101			3,559,502
Accumulated depreciation	(609,103		)	(534,303		)
Total	$	3,490,998		$	3,025,199

Depreciation expense on rental properties was $76.3 million and $62.0 million for the nine months ended September 30, 2016 and 2015, respectively.