INVESTMENTS IN REAL ESTATE

3 Months Ended

Mar. 31, 2015

INVESTMENTS IN REAL ESTATE

INVESTMENTS IN REAL ESTATE

4. INVESTMENTS IN REAL ESTATE

        Investments in real estate consist of the following:

	March 31, 2015			December 31, 2014
	(in thousands)
Land	$	354,035		$	354,035
Land improvements		28,071			28,071
Buildings and improvements		1,503,492			1,501,603
Furniture, fixtures, and equipment		9,597			10,875
Tenant improvements		134,698			131,446
Work in progress		8,211			10,764
Investments in real estate		2,038,104			2,036,794
Accumulated depreciation		(333,696	)		(320,857	)
Net investments in real estate	$	1,704,408		$	1,715,937

        For the three months ended March 31, 2015 and 2014, we recorded depreciation expense of $16,280,000 and $14,147,000, respectively.