INVESTMENTS IN REAL ESTATE

9 Months Ended

Sep. 30, 2017

Investments in real estate consist of the following:



	September 30, 2017			December 31, 2016
	(in thousands)
Land	$	213,495		$	343,564
Land improvements	17,746			26,177
Buildings and improvements	835,215			1,475,415
Furniture, fixtures, and equipment	3,273			4,955
Tenant improvements	127,824			159,677
Work in progress	8,223			11,706
Investments in real estate	1,205,776			2,021,494
Accumulated depreciation	(264,539		)	(414,552		)
Net investments in real estate	$	941,237		$	1,606,942

We recorded depreciation expense of $11,311,000 and $15,402,000 for the three months ended September 30, 2017 and 2016, respectively, and $38,665,000 and $47,105,000 for the nine months ended September 30, 2017 and 2016, respectively.