INVESTMENTS IN REAL ESTATE

12 Months Ended

Dec. 31, 2019

Investments in real estate consist of the following:



	December 31,
	2019			2018
	(in thousands)
Land	$	134,421		$	266,410
Land improvements	2,713			18,368
Buildings and improvements	438,349			912,892
Furniture, fixtures, and equipment	4,628			4,245
Tenant improvements	35,667			133,487
Work in progress	13,484			9,234
Investments in real estate	629,262			1,344,636
Accumulated depreciation	(120,555		)	(303,699		)
Net investments in real estate	$	508,707		$	1,040,937

For the years ended December 31, 2019, 2018, and 2017, we recorded depreciation expense of $22,209,000, $43,499,000, and $49,427,000, respectively.