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Investments in Properties
3 Months Ended
Mar. 31, 2022
Investments in Properties  
Investments in Properties

2. Investments in Properties

A summary of our investments in properties is below (in thousands):

Property Type

As of March 31, 2022

As of December 31, 2021

Land

$

1,013,832

$

1,019,723

Acquired ground lease

6,526

6,721

Buildings and improvements

22,050,895

21,914,091

Tenant improvements

698,458

684,915

23,769,711

23,625,450

Accumulated depreciation and amortization

(6,467,233)

(6,210,281)

Investments in operating properties, net

17,302,478

17,415,169

Construction in progress and space held for development

3,523,485

3,213,389

Land held for future development

107,002

133,683

Investments in properties, net

$

20,932,965

$

20,762,241