INVESTMENTS IN REAL ESTATE

3 Months Ended

Mar. 31, 2016

INVESTMENTS IN REAL ESTATE

INVESTMENTS IN REAL ESTATE

4. INVESTMENTS IN REAL ESTATE

        Investments in real estate consist of the following:

	March 31, 2016			December 31, 2015
	(in thousands)
Land	$	359,226		$	363,612
Land improvements		26,613			26,747
Buildings and improvements		1,492,341			1,506,962
Furniture, fixtures, and equipment		8,149			9,720
Tenant improvements		147,303			146,205
Work in progress		12,361			8,126
Investments in real estate		2,045,993			2,061,372
Accumulated depreciation		(380,536	)		(369,661	)
Net investments in real estate	$	1,665,457		$	1,691,711

        For the three months ended March 31, 2016 and 2015, we recorded depreciation expense of $15,673,000 and $16,280,000, respectively.