INVESTMENTS IN REAL ESTATE

3 Months Ended

Mar. 31, 2017

Investments in real estate consist of the following:



	March 31, 2017			December 31, 2016
	(in thousands)
Land	$	329,200		$	343,564
Land improvements	26,009			26,177
Buildings and improvements	1,382,817			1,475,415
Furniture, fixtures, and equipment	4,847			4,955
Tenant improvements	151,072			159,677
Work in progress	10,456			11,706
Investments in real estate	1,904,401			2,021,494
Accumulated depreciation	(398,909		)	(414,552		)
Net investments in real estate	$	1,505,492		$	1,606,942

We recorded depreciation expense of $14,684,000 and $15,673,000 for the three months ended March 31, 2017 and 2016, respectively.