INVESTMENTS IN REAL ESTATE

12 Months Ended

Dec. 31, 2015

INVESTMENTS IN REAL ESTATE

INVESTMENTS IN REAL ESTATE

5.  INVESTMENTS IN REAL ESTATE

Investments in real estate consist of the following:

	December 31,
	2015		2014
	(in thousands)
Land	$	363,612	$	354,035
Land improvements		26,747		28,071
Buildings and improvements		1,506,962		1,501,603
Furniture, fixtures, and equipment		9,720		10,875
Tenant improvements		146,205		131,446
Work in progress		8,126		10,764
Investments in real estate		2,061,372		2,036,794
Accumulated depreciation		(369,661)		(320,857)
Net investments in real estate	$	1,691,711	$	1,715,937

For the years ended December 31, 2015, 2014, and 2013, we recorded depreciation expense of $61,915,000,  $58,635,000, and $58,013,000, respectively.