INVESTMENTS IN REAL ESTATE

9 Months Ended

Sep. 30, 2015

INVESTMENTS IN REAL ESTATE

INVESTMENTS IN REAL ESTATE

5. INVESTMENTS IN REAL ESTATE

        Investments in real estate consist of the following:

	September 30, 2015			December 31, 2014
	(in thousands)
Land	$	364,966		$	354,035
Land improvements		28,181			28,071
Buildings and improvements		1,507,390			1,501,603
Furniture, fixtures, and equipment		9,087			10,875
Tenant improvements		142,500			131,446
Work in progress		6,380			10,764
Investments in real estate		2,058,504			2,036,794
Accumulated depreciation		(356,394	)		(320,857	)
Net investments in real estate	$	1,702,110		$	1,715,937

        We recorded depreciation expense of $15,228,000 and $14,969,000 for the three months ended September 30, 2015 and 2014, respectively, and $46,571,000 and $43,821,000 for the nine months ended September 30, 2015 and 2014, respectively.