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INVESTMENTS IN REAL ESTATE
 6 Months Ended
Jun. 30, 2017
Real Estate [Abstract]  
INVESTMENTS IN REAL ESTATE
INVESTMENTS IN REAL ESTATE
Investments in real estate consist of the following:
 
 
June 30, 2017
 
December 31, 2016
 
 
(in thousands)
Land
 
$
244,072

 
$
343,564

Land improvements
 
17,746

 
26,177

Buildings and improvements
 
1,064,191

 
1,475,415

Furniture, fixtures, and equipment
 
3,525

 
4,955

Tenant improvements
 
130,481

 
159,677

Work in progress
 
9,528

 
11,706

Investments in real estate
 
1,469,543

 
2,021,494

Accumulated depreciation
 
(328,083
)
 
(414,552
)
Net investments in real estate
 
$
1,141,460

 
$
1,606,942


We recorded depreciation expense of $12,670,000 and $16,030,000 for the three months ended June 30, 2017 and 2016, respectively, and $27,354,000 and $31,703,000 for the six months ended June 30, 2017 and 2016, respectively.