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Rental Properties
12 Months Ended
Dec. 31, 2024
Real Estate [Abstract]  
Rental Properties
The following table summarizes the carrying amounts of real estate investments as of December 31, 2024 and 2023 (in thousands):
20242023
Buildings and improvements$4,632,557 $4,609,050 
Furniture, fixtures & equipment118,575 115,596 
Land1,218,418 1,219,943 
Leasehold interests28,453 28,453 
5,998,003 5,973,042 
Accumulated depreciation(1,562,645)(1,435,683)
Total$4,435,358 $4,537,359 
Depreciation expense on real estate investments was $161.9 million, $159.3 million and $158.8 million for the years ended December 31, 2024, 2023 and 2022, respectively.