Schedule III - Consolidated Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SEC Schedule III - Consolidated Real Estate and Accumulated Depreciation

KITE REALTY GROUP TRUST AND KITE REALTY GROUP, L.P. AND SUBSIDIARIES

Schedule III

Consolidated Real Estate and Accumulated Depreciation

December 31, 2023

(in thousands)


			Initial Cost				Cost Capitalized Subsequent to Acquisition/Development				Gross Carrying Amount Close of Period
Name	Encumbrances		Land		Building & Improvements		Land		Building & Improvements		Land		Building & Improvements		Total		Accumulated Depreciation		Year Built / Renovated	Year Acquired
Operating Properties
12th Street Plaza	$	—	$	2,624	$	10,633	$	—	$	1,321	$	2,624	$	11,954	$	14,578	$	3,685	1978/2003	2012
54th & College	—		2,672		—		—		—		2,672		—		2,672		—		2008	NA
Arcadia Village	—		8,487		11,707		—		105		8,487		11,812		20,299		1,823		1957	2021
Ashland & Roosevelt	—		9,806		25,523		—		45		9,806		25,568		35,374		3,691		2002	2021
Avondale Plaza	—		6,723		10,066		—		74		6,723		10,140		16,863		1,278		2005	2021
Bayonne Crossing	—		47,809		38,362		—		2,304		47,809		40,666		88,475		11,880		2011	2014
Bayport Commons	—		7,005		20,666		—		4,681		7,005		25,347		32,352		10,839		2008	NA
Belle Isle Station	—		9,130		41,082		—		7,843		9,130		48,925		58,055		20,180		2000	2015
Bridgewater Marketplace	—		3,407		8,595		—		1,662		3,407		10,257		13,664		4,878		2008	NA
Burlington*	—		—		2,773		—		29		—		2,802		2,802		2,802		1992/2000	2000
Castleton Crossing	—		9,761		24,467		—		1,006		9,761		25,474		35,235		7,826		1975	2013
Cedar Park Town Center	—		9,032		25,909		—		198		9,032		26,107		35,139		2,499		2013	2021
Centennial Center	—		58,960		72,121		—		9,091		58,960		81,212		140,172		38,893		2002	2014
Centennial Gateway	—		5,305		48,432		—		1,317		5,305		49,749		55,054		18,288		2005	2014
Central Texas Marketplace	—		15,711		30,021		—		2,527		15,711		32,548		48,259		5,051		2004	2021
Centre at Laurel	—		6,122		34,655		—		400		6,122		35,055		41,177		4,503		2005	2021
Centre Point Commons*	—		2,918		22,285		—		494		2,918		22,779		25,697		8,507		2007	2014
Chantilly Crossing	—		12,309		17,604		—		760		12,309		18,365		30,674		2,420		2004	2021
Chapel Hill Shopping Center*	—		—		34,828		—		2,603		—		37,431		37,431		14,803		2001	2015
Circle East	—		1,188		27,077		—		—		1,188		27,077		28,265		1,932		1998/2022	2021
City Center	—		20,565		178,892		—		5,626		20,565		184,517		205,082		68,429		2018	2014
Clearlake Shores Shopping Center	—		3,845		6,612		—		565		3,845		7,177		11,022		1,018		2003	2021
Coal Creek Marketplace	—		9,397		11,650		—		162		9,397		11,811		21,208		1,836		1991	2021
Cobblestone Plaza	—		10,374		44,270		—		3,637		10,374		47,907		58,281		17,911		2011	NA
Colleyville Downs	—		5,446		38,307		—		2,921		5,446		41,228		46,674		19,894		2014	2015
Colonial Square	—		7,521		18,507		—		3,093		7,521		21,600		29,121		7,345		2010	2014
Colony Square	—		20,300		18,784		—		711		20,300		19,495		39,795		3,552		1997	2021
Commons at Temecula	—		18,966		44,255		—		319		18,966		44,575		63,541		7,233		1999	2021
Cool Creek Commons	—		6,062		12,514		—		7,662		6,062		20,176		26,238		8,759		2005	NA
Cool Springs Market	—		12,444		22,621		40		7,312		12,484		29,933		42,417		14,961		1995	2013
Coppell Town Center	—		5,052		11,252		—		555		5,052		11,807		16,859		1,794		1999	2021
Coram Plaza	—		6,992		22,995		—		295		6,992		23,290		30,282		3,106		2004	2021
Crossing at Killingly Commons	—		21,999		29,722		—		1,140		21,999		30,862		52,861		9,494		2010	2014
Cypress Mill Plaza	—		6,320		10,064		—		339		6,320		10,403		16,723		1,466		2004	2021


			Initial Cost				Cost Capitalized Subsequent to Acquisition/Development				Gross Carrying Amount Close of Period
Name	Encumbrances		Land		Building & Improvements		Land		Building & Improvements		Land		Building & Improvements		Total		Accumulated Depreciation		Year Built / Renovated	Year Acquired
Operating Properties (continued)
Davis Towne Crossing	$	—	$	995	$	8,951	$	—	$	129	$	995	$	9,079	$	10,074	$	1,204	2003	2021
Delray Marketplace	17,000		18,750		85,093		1,284		9,543		20,034		94,636		114,670		32,525		2013	NA
Denton Crossing	—		8,257		38,963		—		4,345		8,257		43,308		51,565		5,967		2003	2021
DePauw University Bookstore & Café*	—		64		663		—		45		64		708		772		559		2012	NA
Downtown Crown	—		25,759		77,035		—		3,081		25,759		80,116		105,875		7,173		2014	2021
Draper Crossing	—		9,054		27,063		—		2,240		9,054		29,304		38,358		12,001		2012	2014
Draper Peaks	—		11,498		46,845		522		6,569		12,020		53,415		65,435		17,304		2012	2014
East Stone Commons*	—		3,766		21,634		—		149		3,766		21,784		25,550		3,045		2005	2021
Eastern Beltway	—		23,221		45,569		—		8,728		23,221		54,297		77,518		17,900		1998/2006	2014
Eastgate Crossing	—		4,244		58,669		—		5,613		4,244		64,282		68,526		7,007		1958/2007	2020
Eastgate Pavilion	—		8,026		18,269		—		2,245		8,026		20,514		28,540		10,088		1995	2004
Eastwood Towne Center	—		3,242		55,945		—		4,322		3,242		60,268		63,510		8,602		2002	2021
Eddy Street Commons*	—		1,956		48,285		—		4,946		1,956		53,230		55,186		17,347		2009/2022	NA
Edwards Multiplex	—		22,583		28,710		—		23		22,583		28,734		51,317		4,794		1997	2021
Estero Town Commons	—		8,458		9,927		—		992		8,458		10,919		19,377		5,141		2006	NA
Fairgrounds Plaza	—		12,690		15,249		—		94		12,690		15,343		28,033		2,077		2002	2021
Fishers Station	—		4,008		13,028		—		302		4,008		13,330		17,338		4,756		2018	NA
Fordham Place	—		41,993		102,435		—		637		41,993		103,072		145,065		11,163		1920/2009	2021
Fort Evans Plaza II	—		14,110		39,197		—		3,506		14,110		42,703		56,813		4,817		2008	2021
Fullerton Metrocenter	—		55,794		42,865		—		3,628		55,794		46,493		102,287		7,171		1988	2021
Galvez Shopping Center	—		494		4,962		—		250		494		5,212		5,706		688		2004	2021
Gardiner Manor Mall	—		29,521		20,049		—		628		29,521		20,677		50,198		3,562		2000	2021
Gateway Pavillions	—		44,167		10,282		—		1,089		44,167		11,371		55,538		2,735		2003	2021
Gateway Plaza	—		15,608		22,055		—		1,464		15,608		23,520		39,128		4,308		2000	2021
Gateway Station	—		10,679		10,533		—		413		10,679		10,947		21,626		1,489		2003	2021
Gateway Village	—		32,045		33,365		—		416		32,045		33,781		65,826		5,396		1996	2021
Geist Pavilion	—		1,368		7,219		—		2,825		1,368		10,044		11,412		5,098		2006	NA
Gerry Centennial Plaza	—		3,448		9,721		—		211		3,448		9,932		13,380		1,368		2006	2021
Glendale Town Center	—		1,494		41,779		(187)		20,108		1,307		61,887		63,194		35,467		1958/2021	1999
Grapevine Crossing	—		7,021		11,928		—		738		7,021		12,666		19,687		1,956		2001	2021
Green's Corner	—		4,716		13,739		—		145		4,716		13,884		18,600		2,152		1997	2021
Greyhound Commons	—		2,629		794		—		2,619		2,629		3,413		6,042		1,189		2005	NA
Gurnee Town Center	—		7,348		20,575		—		346		7,348		20,922		28,270		3,247		2000	2021
Henry Town Center	—		9,446		49,690		—		950		9,446		50,639		60,085		7,979		2002	2021
Heritage Square	—		11,373		16,167		—		489		11,373		16,656		28,029		2,582		1985	2021
Heritage Towne Crossing	—		5,720		14,753		—		333		5,720		15,086		20,806		2,176		2002	2021
Holly Springs Towne Center	—		22,324		93,387		—		7,962		22,324		101,350		123,674		29,599		2013	NA
Home Depot Center*	—		—		20,122		—		444		—		20,566		20,566		3,021		1996	2021
Huebner Oaks	—		19,423		35,847		—		666		19,423		36,513		55,936		4,875		1996	2021


			Initial Cost				Cost Capitalized Subsequent to Acquisition/Development				Gross Carrying Amount Close of Period
Name	Encumbrances		Land		Building & Improvements		Land		Building & Improvements		Land		Building & Improvements		Total		Accumulated Depreciation		Year Built / Renovated	Year Acquired
Operating Properties (continued)
Humblewood Shopping Center	$	—	$	3,921	$	10,873	$	—	$	460	$	3,921	$	11,332	$	15,253	$	1,592	1979/2005	2021
Hunter's Creek Promenade	—		8,017		12,610		179		1,935		8,196		14,545		22,741		5,402		1994	2013
Indian River Square	—		4,000		5,971		1,100		5,859		5,100		11,830		16,930		4,216		1997/2004	2005
International Speedway Square	—		7,157		12,021		—		8,816		7,157		20,837		27,994		12,933		1999	NA
Jefferson Commons	—		23,356		19,977		—		2,094		23,356		22,071		45,427		3,611		2005	2021
John's Creek Village	—		7,668		39,592		—		1,099		7,668		40,691		48,359		5,511		2004	2021
King's Lake Square	—		4,519		12,322		—		1,893		4,519		14,216		18,735		7,392		1986/2014	2003
La Plaza Del Norte	—		18,113		32,729		—		420		18,113		33,149		51,262		5,256		1996	2021
Lake City Commons	—		4,693		11,372		—		220		4,693		11,593		16,286		3,843		2008	2014
Lake Mary Plaza	—		1,413		8,537		—		291		1,413		8,828		10,241		2,782		2009	2014
Lake Worth Towne Crossing	—		6,228		28,752		—		180		6,228		28,932		35,160		3,826		2005	2021
Lakewood Towne Center	—		32,864		30,955		—		1,616		32,864		32,572		65,436		5,218		2002	2021
Lincoln Park	—		14,757		40,069		—		1,210		14,757		41,279		56,036		6,292		1997	2021
Lincoln Plaza	—		6,239		38,288		—		5,669		6,239		43,957		50,196		6,657		2001	2021
Lithia Crossing	—		3,065		9,830		—		3,622		3,065		13,452		16,517		6,585		1994/2003	2011
Lowe's Center	—		19,894		—		—		41		19,894		41		19,935		—		2005	2021
MacArthur Crossing	—		11,190		31,262		—		1,848		11,190		33,110		44,300		3,629		1995	2021
Main Street Promenade	—		2,630		60,806		—		921		2,630		61,727		64,357		5,629		2003	2021
Manchester Meadows	—		10,788		30,402		—		135		10,788		30,537		41,325		5,906		1994	2021
Mansfield Towne Crossing	—		2,966		14,286		—		713		2,966		14,998		17,964		2,066		2003	2021
Market Street Village	—		9,764		16,360		—		4,515		9,764		20,875		30,639		10,799		1970/2004	2005
Merrifield Town Center	—		5,186		41,073		—		1,529		5,186		42,602		47,788		4,396		2008	2021
Merrifield Town Center II	—		19,614		23,042		—		159		19,614		23,201		42,815		2,552		1972/2007	2021
Miramar Square	—		26,492		30,696		389		10,134		26,880		40,830		67,710		12,265		2008	2014
Mullins Crossing*	—		10,582		38,715		—		6,965		10,582		45,681		56,263		16,344		2005	2014
Naperville Marketplace	—		5,364		11,377		—		270		5,364		11,647		17,011		5,277		2008	NA
New Forest Crossing	—		7,175		11,976		—		315		7,175		12,291		19,466		1,826		2003	2021
New Hyde Park Shopping Center	—		10,792		9,766		—		606		10,792		10,373		21,165		1,197		1964/2011	2021
Newnan Crossing	—		6,616		41,017		—		1,118		6,616		42,135		48,751		7,045		1999	2021
Newton Crossroads	—		1,004		10,758		—		116		1,004		10,874		11,878		1,663		1997	2021
Nora Plaza	3,333		3,790		19,938		5,002		20,680		8,792		40,618		49,410		5,997		2004	2019
North Benson Center	—		16,632		9,847		—		397		16,632		10,244		26,876		1,753		1988	2021
Northcrest Shopping Center	—		4,044		33,920		—		1,215		4,044		35,136		39,180		12,212		2008	2014
Northdale Promenade	—		1,718		27,481		—		(203)		1,718		27,278		28,996		17,284		2017	NA
Northgate North	22,361		20,063		48,698		—		2,609		20,063		51,307		71,370		8,062		1999	2021
Northpointe Plaza	—		15,964		35,447		—		889		15,964		36,336		52,300		5,412		1991	2021
Oak Brook Promenade	—		6,753		48,640		—		3,744		6,753		52,383		59,136		6,493		2006	2021
Oleander Place*	—		847		5,546		—		239		847		5,785		6,632		3,069		2012	2011
One Loudoun Downtown	95,095		74,400		235,487		—		4,415		74,400		239,902		314,302		23,341		2013/2022	2021


			Initial Cost				Cost Capitalized Subsequent to Acquisition/Development				Gross Carrying Amount Close of Period
Name	Encumbrances		Land		Building & Improvements		Land		Building & Improvements		Land		Building & Improvements		Total		Accumulated Depreciation	Year Built / Renovated	Year Acquired
Operating Properties (continued)
Oswego Commons	$	—	$	5,746	$	8,220	$	—	$	1,824	$	5,746	$	10,044	$	15,790	1,519	2002	2021
Palms Plaza	—		12,049		24,389		—		676		12,049		25,065		37,114		2,673	1988/2004	2022
Paradise Valley Marketplace	—		6,889		35,794		—		178		6,889		35,971		42,860		5,101	2002	2021
Parkside Town Commons	—		21,796		107,887		(60)		11,043		21,736		118,930		140,666		39,826	2015	N/A
Parkway Towne Crossing	—		15,099		28,436		—		461		15,099		28,897		43,996		3,300	2010	2021
Pavilion at King's Grant	—		5,086		39,781		—		1,918		5,086		41,700		46,786		6,674	2002	2021
Pebble Marketplace	—		7,504		34,448		—		572		7,504		35,020		42,524		2,361	1997	2022
Pelham Manor Shopping Plaza*	—		—		42,224		—		238		—		42,462		42,462		4,726	2008	2021
Peoria Crossing	—		18,879		16,215		—		1,214		18,879		17,429		36,308		3,039	2002	2021
Perimeter Woods	—		6,893		27,245		—		1,948		6,893		29,193		36,086		10,143	2008	2014
Pine Ridge Crossing	—		5,640		16,326		—		5,643		5,640		21,969		27,609		10,329	1994	2006
Plaza at Cedar Hill	—		5,782		33,810		—		17,621		5,782		51,431		57,213		25,381	2000	2004
Plaza at Marysville	—		6,710		18,444		—		205		6,710		18,649		25,359		2,966	1995	2021
Pleasant Hill Commons	—		3,350		10,064		—		(376)		3,350		9,687		13,037		3,236	2008	2014
Pleasant Run Towne Crossing	—		4,465		24,889		—		1,402		4,465		26,291		30,756		3,817	2004	2021
Portofino Shopping Center	—		4,721		75,005		—		20,490		4,721		95,494		100,215		40,569	1999	2013
Prestonwood Place	—		14,282		61,305		—		—		14,282		61,305		75,587		772	1979/2020	2023
Publix at Woodruff	—		1,783		6,346		—		1,009		1,783		7,355		9,138		5,038	1997	2012
Rampart Commons	6,529		1,136		42,174		—		1,066		1,136		43,239		44,375		17,875	2018	2014
Rangeline Crossing	—		1,981		17,459		—		3,688		1,981		21,147		23,128		8,106	1986/2013	NA
Riverchase Plaza	—		3,889		11,226		—		1,252		3,889		12,478		16,367		6,391	1991/2001	2006
Rivers Edge	—		5,647		28,778		—		1,993		5,647		30,771		36,418		11,361	2011	2008
Rivery Towne Crossing	—		5,230		2,291		—		1,020		5,230		3,311		8,541		566	2005	2021
Royal Oaks Village II	—		3,462		9,092		—		762		3,462		9,854		13,316		1,425	2004	2021
Sawyer Heights Village	—		18,720		19,565		—		62		18,720		19,627		38,347		2,381	2007	2021
Saxon Crossing	—		3,764		15,430		—		912		3,764		16,342		20,106		5,551	2009	2014
Shoppes at Hagerstown	—		6,796		15,899		—		641		6,796		16,540		23,336		1,871	2008	2021
Shoppes at Plaza Green	—		3,749		20,889		—		2,586		3,749		23,475		27,224		9,828	2000	2012
Shoppes at Quarterfield	—		4,105		8,708		—		645		4,105		9,352		13,457		688	1999/2022	2021
Shoppes of Eastwood	—		1,688		8,911		—		1,050		1,688		9,961		11,649		5,162	1997	2013
Shoppes of New Hope	—		2,107		10,750		—		34		2,107		10,784		12,891		1,485	2004	2021
Shoppes of Prominence Point	—		2,945		11,408		—		164		2,945		11,572		14,517		1,772	2004	2021
Shops at Eagle Creek	—		2,121		8,093		—		4,456		2,121		12,549		14,670		6,430	1998	2003
Shops at Forest Commons	—		1,616		9,345		—		553		1,616		9,898		11,514		1,411	2002	2021
Shops at Julington Creek	—		2,372		7,300		—		346		2,372		7,646		10,018		2,296	2011	2014
Shops at Moore	—		6,284		23,659		—		3,085		6,284		26,744		33,028		8,271	2010	2014
Shops at Park Place	—		8,042		18,358		—		50		8,042		18,408		26,450		2,862	2001	2021
Silver Springs Pointe	—		7,580		4,947		—		554		7,580		5,501		13,081		2,359	2001	2014
Southlake Corners	—		7,998		16,576		—		296		7,998		16,873		24,871		2,788	2004	2021


			Initial Cost				Cost Capitalized Subsequent to Acquisition/Development				Gross Carrying Amount Close of Period
Name	Encumbrances		Land		Building & Improvements		Land		Building & Improvements		Land		Building & Improvements		Total		Accumulated Depreciation		Year Built / Renovated	Year Acquired
Operating Properties (continued)
Southlake Town Square	$	—	$	19,534	$	322,105	$	—	$	15,694	$	19,534	$	337,798	$	357,332	$	50,640	1998	2021
Stilesboro Oaks	—		3,712		11,353		—		63		3,712		11,416		15,128		1,799		1997	2021
Stonebridge Plaza	—		1,923		7,923		—		18		1,923		7,941		9,864		1,199		1997	2021
Stoney Creek Commons	—		628		3,700		—		5,913		628		9,613		10,241		5,579		2000	NA
Sunland Towne Centre	—		14,774		22,247		—		4,734		14,774		26,981		41,755		13,769		1996	2004
Tacoma South	—		30,058		3,334		—		1,245		30,058		4,579		34,637		581		1984	2021
Target South Center	—		2,581		9,553		—		108		2,581		9,661		12,242		1,467		1999	2021
Tarpon Bay Plaza	—		3,855		23,796		—		3,161		3,855		26,957		30,812		10,968		2007	NA
The Brickyard	—		29,389		19,595		—		4,550		29,389		24,145		53,534		3,602		1977/2004	2021
The Corner	—		3,772		23,437		—		271		3,772		23,708		27,480		6,723		2008	2014
The Landing at Tradition	—		17,605		45,912		—		21,690		17,605		67,602		85,207		17,125		2007	2014
The Shoppes at Union Hill	8,988		9,876		46,328		—		1,192		9,876		47,519		57,395		6,373		2003	2021
The Shops at Legacy	—		14,864		119,439		—		9,700		14,864		129,139		144,003		17,638		2002	2021
Tollgate Marketplace	—		11,963		65,450		—		13,715		11,963		79,165		91,128		10,759		1979/1994	2021
Toringdon Market	—		5,448		9,325		—		601		5,448		9,926		15,374		3,890		2004	2013
Towson Square	—		1,412		27,173		—		38		1,412		27,211		28,623		2,939		2014	2021
Traders Point	—		11,135		42,153		—		2,997		11,135		45,150		56,285		26,481		2005	NA
Tradition Village Center	—		3,140		14,741		—		1,314		3,140		16,055		19,195		5,919		2006	2014
Tysons Corner	—		13,334		10,483		—		141		13,334		10,623		23,957		1,079		1980/2013	2021
Village Shoppes at Simonton	—		1,627		11,928		—		92		1,627		12,020		13,647		1,734		2004	2021
Walter's Crossing	—		13,056		20,699		—		4,258		13,056		24,957		38,013		2,962		2005	2021
Watauga Pavilion	—		5,511		24,145		—		247		5,511		24,392		29,903		3,422		2003	2021
Waterford Lakes Village	—		2,317		1,873		—		11,158		2,317		13,031		15,348		1,554		1997	2004
Waxahachie Crossing	—		1,411		15,698		—		(257)		1,411		15,441		16,852		4,703		2010	2014
Westbury Center	—		4,540		12,866		—		131		4,540		12,998		17,538		1,850		2000	2021
Winchester Commons	—		2,119		9,560		—		37		2,119		9,597		11,716		1,632		1999	2021
Woodinville Plaza	—		24,722		30,048		—		1,146		24,722		31,194		55,916		4,825		1981	2021

Total Operating Properties	153,306		1,824,044		5,225,599		8,267		468,021		1,832,311		5,693,620		7,525,931		1,361,001


			Initial Cost				Cost Capitalized Subsequent to Acquisition/Development				Gross Carrying Amount Close of Period
Name	Encumbrances		Land		Building & Improvements		Land		Building & Improvements		Land		Building & Improvements		Total		Accumulated Depreciation		Year Built / Renovated	Year Acquired
Office and Other Properties
Thirty South Meridian	$	—	$	1,643	$	8,131	$	—	$	26,303	$	1,643	$	34,435	$	36,078	$	17,911	1905/2002	2001
Union Station Parking Garage	—		904		2,310		—		2,281		904		4,591		5,495		2,227		1986	2001

Total Office Properties	—		2,547		10,441		—		28,585		2,547		39,026		41,573		20,138

Development and Redevelopment Projects
Carillon	—		28,239		39,737		—		—		28,239		39,737		67,976		631		2004	2021
Hamilton Crossing Centre	—		3,514		2,017		(19)		490		3,495		2,507		6,002		—		N/A	N/A
One Loudoun – Uptown	—		92,452		—		(88)		111		92,363		111		92,474		—		N/A	2021
The Corner – IN	—		—		—		—		250		—		250		250		—		N/A	N/A

Total Development and Redevelopment Projects	—		124,205		41,754		(107)		851		124,098		42,605		166,703		631

Other **
Bridgewater Marketplace	—		855		—		—		—		855		—		855		—		N/A	N/A
KRG Development	—		—		—		—		—		—		—		—		—		N/A	N/A
KRG New Hill	—		1,092		—		74		—		1,166		—		1,166		—		N/A	N/A
KRG Peakway	—		3,833		—		—		—		3,833		—		3,833		—		N/A	N/A

Total Other	—		5,780		—		74		—		5,854		—		5,854		—

Line of credit/Term loans/Unsecured notes	2,649,635		—		—		—		—		—		—		—		—		N/A	N/A

Grand Total	$	2,802,941	$	1,956,576	$	5,277,794	$	8,233	$	497,457	$	1,964,809	$	5,775,251	$	7,740,061	$	1,381,770

* This property or a portion of the property is subject to a ground lease for the land.

** This category generally includes land held for development. We also have certain additional land parcels at our development and operating properties, which amounts are included elsewhere in this table.

RECONCILIATION OF INVESTMENT PROPERTIES

The changes in investment properties for the years ended December 31, 2023, 2022 and 2021 are as follows:


	Year Ended December 31,
	2023		2022		2021
Balance as of January 1,	$	7,732,573	$	7,584,735	$	3,136,982
Acquisitions related to the RPAI merger	—		(16,672)		4,440,768
Acquisitions	75,587		99,064		15,263
Improvements	140,654		152,165		54,323

Disposals	(208,753)		(86,719)		(62,601)
Balance as of December 31,	$	7,740,061	$	7,732,573	$	7,584,735

The unaudited aggregate cost of investment properties for U.S. federal income tax purposes as of December 31, 2023 was approximately $8.0 billion.

RECONCILIATION OF ACCUMULATED DEPRECIATION

The changes in accumulated depreciation for the years ended December 31, 2023, 2022 and 2021 are as follows:


	Year Ended December 31,
	2023		2022		2021
Balance as of January 1,	$	1,161,148	$	879,306	$	750,119
Depreciation expense	317,593		318,809		154,519

Disposals	(96,971)		(36,967)		(25,332)
Balance as of December 31,	$	1,381,770	$	1,161,148	$	879,306

Depreciation of investment properties reflected in the accompanying consolidated statements of operations and comprehensive income is calculated over the estimated original lives of the assets as follows:


Buildings			20 – 35 years
Building improvements			10 – 35 years
Tenant improvements			Term of related lease
Furniture and fixtures			5 – 10 years

All other schedules have been omitted because they are inapplicable, not required or the information is included elsewhere in the accompanying consolidated financial statements or notes thereto.