The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of March 31, 2021 and December 31, 2020 (amounts in thousands):

	March 31, 2021			December 31, 2020
Land	$	5,785,367		$	5,785,367
Depreciable property:
Buildings and improvements		18,476,711			18,464,484
Furniture, fixtures and equipment		1,989,219			1,970,033
In-Place lease intangibles		486,137			486,137
Projects under development:
Land		23,531			23,531
Construction-in-progress		452,479			387,603
Land held for development:
Land		46,160			46,160
Construction-in-progress		42,200			40,010
Investment in real estate		27,301,804			27,203,325
Accumulated depreciation		(8,059,619	)		(7,859,657	)
Investment in real estate, net	$	19,242,185		$	19,343,668

The Company did not acquire or sell any assets during the first quarter of 2021.