INVESTMENTS IN REAL ESTATE

9 Months Ended

Sep. 30, 2016

Investments in real estate consist of the following:



	September 30, 2016			December 31, 2015
	(in thousands)
Land	$	343,564		$	363,612
Land improvements	26,177			26,747
Buildings and improvements	1,473,469			1,506,962
Furniture, fixtures, and equipment	4,729			9,720
Tenant improvements	163,102			146,205
Work in progress	8,276			8,126
Investments in real estate	2,019,317			2,061,372
Accumulated depreciation	(403,902		)	(369,661		)
Net investments in real estate	$	1,615,415		$	1,691,711

We recorded depreciation expense of $15,402,000 and $15,228,000 for the three months ended September 30, 2016 and 2015, respectively, and $47,105,000 and $46,571,000 for the nine months ended September 30, 2016 and 2015, respectively.