Investment in Real Estate

6 Months Ended

Jun. 30, 2024

The table below summarizes our investment in real estate:


(In thousands)	June 30, 2024		December 31, 2023

Land	$	1,185,977	$	1,185,977
Buildings and improvements(1)	10,174,128		10,142,410
Tenant improvements and lease intangibles	1,034,695		1,020,988
Property under development(1)	63,971		56,439
Investment in real estate, gross	$	12,458,771	$	12,405,814

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(1) During the six months ended June 30, 2024, Property under development balances transferred to Building and improvements for real estate placed into service was $13.4 million.

Property to be Removed from Service

During the second quarter of 2023, we removed our Barrington Plaza Apartments property in Los Angeles from the rental market. In connection with the removal of the aforementioned property from the rental market, we accelerated and recorded additional depreciation expense of $27.4 million for the three months ended June 30, 2023, which is included in Depreciation and amortization on our consolidated statements of operations.