INVESTMENTS IN REAL ESTATE

6 Months Ended

Jun. 30, 2016

INVESTMENTS IN REAL ESTATE

INVESTMENTS IN REAL ESTATE

4. INVESTMENTS IN REAL ESTATE

        Investments in real estate consist of the following:

	June 30, 2016			December 31, 2015
	(in thousands)
Land	$	343,564		$	363,612
Land improvements		26,177			26,747
Buildings and improvements		1,473,060			1,506,962
Furniture, fixtures, and equipment		4,458			9,720
Tenant improvements		159,793			146,205
Work in progress		7,891			8,126
Investments in real estate		2,014,943			2,061,372
Accumulated depreciation		(389,873	)		(369,661	)
Net investments in real estate	$	1,625,070		$	1,691,711

        We recorded depreciation expense of $16,030,000 and $15,063,000 for the three months ended June 30, 2016 and 2015, respectively, and $31,703,000 and $31,343,000 for the six months ended June 30, 2016 and 2015, respectively.