INVESTMENTS IN REAL ESTATE

9 Months Ended

Sep. 30, 2018

Investments in real estate consist of the following:



	September 30, 2018			December 31, 2017
	(in thousands)
Land	$	273,984		$	221,785
Land improvements	18,501			17,745
Buildings and improvements	922,807			847,849
Furniture, fixtures, and equipment	3,215			3,363
Tenant improvements	140,487			128,876
Work in progress	9,297			9,162
Investments in real estate	1,368,291			1,228,780
Accumulated depreciation	(301,320		)	(271,055		)
Net investments in real estate	$	1,066,971		$	957,725

We recorded depreciation expense of $10,901,000 and $11,311,000 for the three months ended September 30, 2018 and 2017, respectively, and $32,487,000 and $38,665,000 for the nine months ended September 30, 2018 and 2017, respectively.