INVESTMENTS IN REAL ESTATE

3 Months Ended

Mar. 31, 2019

Real Estate [Abstract]

INVESTMENTS IN REAL ESTATE

INVESTMENTS IN REAL ESTATE

Investments in real estate consist of the following:

	March 31, 2019			December 31, 2018
	(in thousands)
Land	$	200,257		$	266,410
Land improvements	7,576			18,368
Buildings and improvements	572,160			912,892
Furniture, fixtures, and equipment	3,645			4,245
Tenant improvements	58,861			133,487
Work in progress	8,199			9,234
Investments in real estate	850,698			1,344,636
Accumulated depreciation	(182,733		)	(303,699		)
Net investments in real estate	$	667,965		$	1,040,937

We recorded depreciation expense of $7,937,000 and $10,679,000 for the three months ended March 31, 2019 and 2018, respectively.