Rental Properties

3 Months Ended

Mar. 31, 2022

Real Estate [Abstract]

Rental Properties

Real Estate Investments

The following table summarizes the carrying amounts of real estate investments as of March 31, 2022 and December 31, 2021 (in thousands):

	March 31, 2022		December 31, 2021
Buildings and improvements	$	4,580,400	$	4,523,052
Furniture, fixtures & equipment	108,454		108,907
Land	1,229,363		1,222,149
Leasehold interests	26,987		26,717
	5,945,204		5,880,825
Accumulated depreciation	(1,206,317)		(1,167,734)
Total	$	4,738,887	$	4,713,091

Depreciation expense on real estate investments was $38.8 million and $38.9 million for the three months ended March 31, 2022 and 2021, respectively.