INVESTMENTS IN REAL ESTATE

12 Months Ended

Dec. 31, 2014

INVESTMENTS IN REAL ESTATE

INVESTMENTS IN REAL ESTATE

5. INVESTMENTS IN REAL ESTATE

        Investments in real estate consist of the following:

	December 31,
	2014			2013
	(in thousands)
Land	$	354,035		$	331,060
Land improvements		28,071			27,536
Buildings and improvements		1,501,603			1,454,854
Furniture, fixtures, and equipment		10,875			12,131
Tenant improvements		131,446			118,280
Work in progress		10,764			9,987
Investments in real estate		2,036,794			1,953,848
Accumulated depreciation		(320,857	)		(271,683	)
Net investments in real estate	$	1,715,937		$	1,682,165

        For the years ended December 31, 2014, 2013, and 2012 we recorded depreciation expense of $58,635,000, $58,013,000, and $59,149,000, respectively.