INVESTMENTS IN REAL ESTATE

6 Months Ended

Jun. 30, 2019

Investments in real estate consist of the following:



	June 30, 2019			December 31, 2018
	(in thousands)
Land	$	134,422		$	266,410
Land improvements	2,713			18,368
Buildings and improvements	437,683			912,892
Furniture, fixtures, and equipment	3,683			4,245
Tenant improvements	34,038			133,487
Work in progress	7,152			9,234
Investments in real estate	619,691			1,344,636
Accumulated depreciation	(115,389		)	(303,699		)
Net investments in real estate	$	504,302		$	1,040,937

We recorded depreciation expense of $5,815,000 and $10,907,000 for the three months ended June 30, 2019 and 2018, respectively, and $13,752,000 and $21,586,000 for the six months ended June 30, 2019 and 2018, respectively.