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INVESTMENTS IN REAL ESTATE
 12 Months Ended
Dec. 31, 2017
Real Estate [Abstract]  
INVESTMENTS IN REAL ESTATE
INVESTMENTS IN REAL ESTATE

Investments in real estate consist of the following:

 
December 31,
 
2017
 
2016
 
(in thousands)
Land
$
221,785

 
$
343,564

Land improvements
17,745

 
26,177

Buildings and improvements
847,849

 
1,475,415

Furniture, fixtures, and equipment
3,363

 
4,955

Tenant improvements
128,876

 
159,677

Work in progress
9,162

 
11,706

Investments in real estate
1,228,780

 
2,021,494

Accumulated depreciation
(271,055
)
 
(414,552
)
Net investments in real estate
$
957,725

 
$
1,606,942



For the years ended December 31, 2017, 2016, and 2015, we recorded depreciation expense of $49,427,000, $62,239,000, and $61,915,000, respectively.