Schedule III - Real Estate and Accumulative Depreciation

12 Months Ended

Dec. 31, 2018

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

Schedule III - Real Estate and Accumulated Depreciation

SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2018



(Amounts in thousands)				Initial Cost				Costs Capitalized Subsequent to Acquisition (1)			Gross Cost Basis at December 31, 2018						Accumulated Depreciation (2)		Net Carrying Amount (3)		Date of Acquisition (4)
Property Description / Location	Number of Properties	Encumbrances		Land		Buildings and Improvements		Costs Capitalized Subsequent to Acquisition (1)			Land		Buildings and Improvements		Total		Accumulated Depreciation (2)		Net Carrying Amount (3)		Date of Acquisition (4)

Healthcare
Assisted Living Facilities
Alabama	1	$	4,540	$	337	$	2,583	$	1,469		$	337	$	4,052	$	4,389	$	233	$	4,156	2017
Arizona	1	8,998		536		14,434		1,234			536		15,668		16,204		851		15,353		2017
California	5	36,361		12,157		76,393		809			12,157		77,202		89,359		4,151		85,208		2017
Colorado	2	104,052		7,734		138,276		2,228			7,734		140,504		148,238		7,574		140,664		2017
Florida	2	725		419		303		—			419		303		722		51		671		2017
Georgia	1	7,227		516		14,220		314			516		14,534		15,050		853		14,197		2017
Illinois	23	161,951		9,433		289,465		6,289			9,433		295,754		305,187		16,235		288,952		2017
Indiana	9	25,835		7,170		26,900		100			7,170		27,000		34,170		1,826		32,344		2017
Kansas	1	6,128		915		12,105		(5,203		)	915		6,902		7,817		768		7,049		2017
Massachusetts	5	9,900		1,346		1,523		198			1,346		1,721		3,067		182		2,885		2017
Minnesota	11	31,436		3,763		66,922		(27,784		)	3,763		39,138		42,901		3,669		39,232		2017
North Carolina	8	99,712		11,656		151,555		297			11,656		151,852		163,508		8,141		155,367		2017
Nebraska	1	2,602		559		3,161		104			559		3,265		3,824		207		3,617		2017
Ohio	30	186,107		16,108		247,227		2,705			16,108		249,932		266,040		14,253		251,787		2017
Oklahoma	5	10,580		1,419		17,467		1,400			1,419		18,867		20,286		1,370		18,916		2017
Oregon	25	181,352		20,905		269,521		(2,254		)	20,905		267,267		288,172		15,364		272,808		2017
South Carolina	1	16,183		1,105		17,975		238			1,105		18,213		19,318		1,022		18,296		2017
Tennessee	2	12,269		2,179		24,880		735			2,179		25,615		27,794		1,487		26,307		2017
Texas	8	119,707		18,144		138,400		4,495			18,144		142,895		161,039		8,422		152,617		2017
Washington	6	45,483		3,765		68,188		757			3,765		68,945		72,710		3,824		68,886		2017
United Kingdom	45	272,529		124,664		492,612		20,957			124,664		513,569		638,233		25,107		613,126		2017-2018
Hospitals
California	5	103,968		17,079		135,979		—			17,079		135,979		153,058		6,976		146,082		2017
Georgia	1	13,566		2,047		16,650		—			2,047		16,650		18,697		855		17,842		2017
Louisiana	1	11,993		1,591		13,991		—			1,591		13,991		15,582		713		14,869		2017
Missouri	3	31,264		3,586		22,684		—			3,586		22,684		26,270		1,209		25,061		2017
Oklahoma	1	11,499		536		15,954		—			536		15,954		16,490		811		15,679		2017
Texas	2	35,222		3,191		52,444		2,037			3,191		54,481		57,672		2,699		54,973		2017
Utah	1	14,464		2,151		7,073		—			2,151		7,073		9,224		374		8,850		2017
Medical Office Buildings
Alabama	2	31,466		—		56,271		(23,484		)	—		32,787		32,787		3,116		29,671		2017
Arkansas	1	494		—		1,343		—			—		1,343		1,343		200		1,143		2017
California	2	20,908		5,708		33,859		982			5,708		34,841		40,549		2,139		38,410		2017



(Amounts in thousands)			Initial Cost		Costs Capitalized Subsequent to Acquisition (1)		Gross Cost Basis at December 31, 2018			Accumulated Depreciation (2)	Net Carrying Amount (3)	Date of Acquisition (4)
Property Description / Location	Number of Properties	Encumbrances	Land	Buildings and Improvements	Costs Capitalized Subsequent to Acquisition (1)		Land	Buildings and Improvements	Total	Accumulated Depreciation (2)	Net Carrying Amount (3)	Date of Acquisition (4)

Colorado	6	37,735	8,330	57,631	1,578		8,330	59,209	67,539	4,001	63,538	2017
Florida	3	23,299	2,119	41,291	(5,226	)	2,119	36,065	38,184	2,470	35,714	2017
Georgia	13	58,308	12,976	100,200	2,249		12,976	102,449	115,425	6,486	108,939	2017
Hawaii	1	8,175	519	14,030	4		519	14,034	14,553	732	13,821	2017
Idaho	1	22,459	—	30,473	—		—	30,473	30,473	1,769	28,704	2017
Illinois	6	63,246	9,809	97,777	43		9,809	97,820	107,629	6,018	101,611	2017
Indiana	27	178,317	18,106	297,968	(5,048	)	18,106	292,920	311,026	19,388	291,638	2017
Louisiana	4	33,777	2,406	52,423	(5,421	)	2,406	47,002	49,408	3,332	46,076	2017
Michigan	3	31,508	3,856	48,736	(9,680	)	3,856	39,056	42,912	2,849	40,063	2017
Minnesota	2	6,828	1,144	9,348	126		1,144	9,474	10,618	598	10,020	2017
Mississippi	1	13,720	—	21,465	—		—	21,465	21,465	1,353	20,112	2017
New Mexico	3	14,751	—	16,344	173		—	16,517	16,517	1,772	14,745	2017
Ohio	5	48,534	5,036	99,147	(10,879	)	5,036	88,268	93,304	5,865	87,439	2017
Oklahoma	2	11,865	—	18,382	—		—	18,382	18,382	1,114	17,268	2017
South Carolina	2	9,681	761	22,966	(5,174	)	761	17,792	18,553	1,496	17,057	2017
Tennessee	2	11,342	449	20,215	(3,887	)	449	16,328	16,777	1,201	15,576	2017
Texas	21	102,014	5,808	169,067	1,353		5,808	170,420	176,228	12,135	164,093	2017
Washington	1	22,470	998	47,052	89		998	47,141	48,139	2,647	45,492	2017
Skilled Nursing Facilities
Alabama	1	9,074	433	7,169	—		433	7,169	7,602	474	7,128	2017
Arizona	1	10,781	1,043	17,013	—		1,043	17,013	18,056	984	17,072	2017
California	2	19,987	1,936	37,612	—		1,936	37,612	39,548	4,646	34,902	2017
Florida	24	173,422	25,304	347,560	—		25,304	347,560	372,864	19,902	352,962	2017
Georgia	7	100,169	12,140	130,707	—		12,140	130,707	142,847	7,270	135,577	2017
Illinois	4	54,744	6,546	137,591	(62,141	)	6,546	75,450	81,996	7,871	74,125	2017
Indiana	19	95,295	5,634	132,921	—		5,634	132,921	138,555	8,404	130,151	2017
Kentucky	1	8,979	362	17,493	3,084		362	20,577	20,939	1,195	19,744	2017
Louisiana	1	18,866	1,068	28,675	—		1,068	28,675	29,743	1,637	28,106	2017
Massachusetts	3	17,145	6,179	8,966	(960	)	6,179	8,006	14,185	434	13,751	2017
Maryland	1	6,908	1,219	14,556	—		1,219	14,556	15,775	836	14,939	2017
Michigan	2	8,188	1,717	13,988	1		1,717	13,989	15,706	857	14,849	2017
North Carolina	1	5,735	286	10,549	—		286	10,549	10,835	622	10,213	2017
Oregon	6	26,190	4,330	38,024	(6,359	)	4,330	31,665	35,995	2,238	33,757	2017
Pennsylvania	11	188,683	20,010	240,922	—		20,010	240,922	260,932	13,747	247,185	2017
Tennessee	4	40,869	4,236	62,156	2,975		4,236	65,131	69,367	3,545	65,822	2017
Virginia	8	50,168	7,650	88,135	—		7,650	88,135	95,785	5,124	90,661	2017
Washington	3	13,927	3,647	16,108	(1,263	)	3,647	14,845	18,492	1,062	17,430	2017
	413	3,165,680	456,776	4,945,018	(115,740	)	456,776	4,829,278	5,286,054	290,756	4,995,298



(Amounts in thousands)			Initial Cost		Costs Capitalized Subsequent to Acquisition (1)		Gross Cost Basis at December 31, 2018			Accumulated Depreciation (2)	Net Carrying Amount (3)	Date of Acquisition (4)
Property Description / Location	Number of Properties	Encumbrances	Land	Buildings and Improvements	Costs Capitalized Subsequent to Acquisition (1)		Land	Buildings and Improvements	Total	Accumulated Depreciation (2)	Net Carrying Amount (3)	Date of Acquisition (4)

Industrial
Atlanta	50	200,821	52,210	345,503	11,278		52,210	356,781	408,991	43,624	365,367	2014-2018
Austin	6	—	9,174	60,537	955		9,174	61,492	70,666	6,066	64,600	2014-2017
Chicago	25	—	29,857	116,251	7,549		29,857	123,800	153,657	19,082	134,575	2014
Dallas	59	192,007	69,662	335,274	11,673		69,662	346,947	416,609	44,688	371,921	2014-2018
Denver	8	38,689	14,253	60,415	4,359		14,253	64,774	79,027	7,565	71,462	2014-2017
Houston	8	21,446	20,934	109,946	2,980		20,934	112,926	133,860	13,147	120,713	2014-2017
Jacksonville	13	5,474	21,565	103,560	12,400		21,565	115,960	137,525	3,755	133,770	2017-2018
Kansas City	14	49,000	13,423	75,709	3,635		13,423	79,344	92,767	9,902	82,865	2014-2017
Las Vegas	8	—	24,553	77,093	11,394		24,553	88,487	113,040	2,670	110,370	2017-2018
Maryland-BWI	20	113,198	51,042	170,623	1,537		51,042	172,160	223,202	11,158	212,044	2015-2018
Minneapolis	13	102,755	23,064	130,113	6,258		23,064	136,371	159,435	19,831	139,604	2014-2016
New Jersey, Northern	10	—	20,133	70,432	812		20,133	71,244	91,377	1,645	89,732	2018
New Jersey, South / Philadelphia	24	58,852	34,023	135,624	4,680		34,023	140,304	174,327	22,618	151,709	2014-2017
Oakland	2	60,000	20,648	74,993	1,660		20,648	76,653	97,301	1,907	95,394	2018
Orlando	16	131,500	27,610	180,144	5,996		27,610	186,140	213,750	17,726	196,024	2014-2017
Phoenix	22	59,000	31,983	181,795	5,068		31,983	186,863	218,846	16,429	202,417	2014-2018
Salt Lake City	15	44,453	18,892	85,594	3,131		18,892	88,725	107,617	10,206	97,411	2014-2017
San Antonio	3	—	11,045	61,638	459		11,045	62,097	73,142	1,596	71,546	2018
St. Louis	8	—	8,813	43,702	3,140		8,813	46,842	55,655	7,403	48,252	2014
Tampa	4	—	4,278	32,138	2,317		4,278	34,455	38,733	5,505	33,228	2014
	328	1,077,195	507,162	2,451,084	101,281		507,162	2,552,365	3,059,527	266,523	2,793,004
Hospitality
Extended Stay
Arizona	1	12,861	1,897	15,843	249		1,897	16,092	17,989	1,146	16,843	2017
California	8	220,715	59,120	241,574	6,846		59,120	248,420	307,540	18,276	289,264	2017
Colorado	3	61,776	13,163	67,804	5,736		13,163	73,540	86,703	5,757	80,946	2017
Connecticut	2	25,056	3,454	30,231	1,498		3,454	31,729	35,183	2,356	32,827	2017
Florida	2	12,943	2,991	50,761	621		2,991	51,382	54,373	3,884	50,489	2017
Georgia	2	43,517	7,278	52,967	505		7,278	53,472	60,750	3,760	56,990	2017
Illinois	1	27,884	4,375	34,567	317		4,375	34,884	39,259	2,729	36,530	2017
Kentucky	2	16,809	2,956	29,407	(8,126	)	2,956	21,281	24,237	2,169	22,068	2017
Louisiana	1	12,168	1,874	15,043	719		1,874	15,762	17,636	1,683	15,953	2017
Massachusetts	3	60,054	8,274	74,973	637		8,274	75,610	83,884	5,294	78,590	2017
Maryland	1	19,889	3,003	24,644	302		3,003	24,946	27,949	1,903	26,046	2017
Maine	1	13,346	1,572	15,610	1,735		1,572	17,345	18,917	1,426	17,491	2017
Michigan	2	32,982	4,521	39,797	1,776		4,521	41,573	46,094	2,880	43,214	2017
North Carolina	1	18,108	1,693	23,893	423		1,693	24,316	26,009	2,295	23,714	2017
New Hampshire	3	48,084	7,167	59,440	801		7,167	60,241	67,408	4,437	62,971	2017



(Amounts in thousands)			Initial Cost		Costs Capitalized Subsequent to Acquisition (1)		Gross Cost Basis at December 31, 2018			Accumulated Depreciation (2)	Net Carrying Amount (3)	Date of Acquisition (4)
Property Description / Location	Number of Properties	Encumbrances	Land	Buildings and Improvements	Costs Capitalized Subsequent to Acquisition (1)		Land	Buildings and Improvements	Total	Accumulated Depreciation (2)	Net Carrying Amount (3)	Date of Acquisition (4)

New Jersey	7	123,033	20,639	145,058	8,689		20,639	153,747	174,386	13,119	161,267	2017
New Mexico	1	17,594	2,125	22,446	733		2,125	23,179	25,304	2,262	23,042	2017
New York	3	39,657	4,108	48,124	3,584		4,108	51,708	55,816	3,606	52,210	2017
Ohio	1	8,761	575	11,747	235		575	11,982	12,557	1,080	11,477	2017
Pennsylvania	2	30,727	4,526	36,759	1,925		4,526	38,684	43,210	2,630	40,580	2017
Tennessee	1	23,898	4,118	28,471	912		4,118	29,383	33,501	2,150	31,351	2017
Texas	11	137,555	19,932	165,947	9,474		19,932	175,421	195,353	14,905	180,448	2017
Virginia	3	33,075	5,981	38,545	2,375		5,981	40,920	46,901	3,346	43,555	2017
Washington	4	102,182	22,388	116,391	3,036		22,388	119,427	141,815	7,931	133,884	2017
Full Service
Florida	2	45,001	12,328	133,394	24,026		12,328	157,420	169,748	12,072	157,676	2017
Maryland	1	11,765	3,086	12,964	276		3,086	13,240	16,326	918	15,408	2017
New Jersey	1	39,893	16,282	35,308	3,786		16,282	39,094	55,376	3,118	52,258	2017
Select Service
Alabama	1	14,962	1,134	19,213	651		1,134	19,864	20,998	1,404	19,594	2017
Arizona	2	30,561	7,831	34,616	585		7,831	35,201	43,032	3,009	40,023	2017
California	10	202,529	45,970	232,362	5,248		45,970	237,610	283,580	18,215	265,365	2017
Colorado	1	15,962	2,018	20,047	430		2,018	20,477	22,495	1,591	20,904	2017
Connecticut	3	53,877	6,735	67,148	1,696		6,735	68,844	75,579	5,013	70,566	2017
Florida	8	124,232	16,852	219,288	7,347		16,852	226,635	243,487	15,947	227,540	2017
Georgia	4	58,264	11,505	77,275	(6,466	)	9,932	72,382	82,314	6,012	76,302	2017
Illinois	1	18,501	2,738	22,368	801		2,738	23,169	25,907	1,678	24,229	2017
Kentucky	1	29,201	6,660	31,618	2,456		6,660	34,074	40,734	2,483	38,251	2017
Louisiana	2	19,355	2,409	23,780	1,534		2,409	25,314	27,723	2,376	25,347	2017
Massachusetts	1	25,131	3,272	31,343	490		3,272	31,833	35,105	2,194	32,911	2017
Maryland	3	39,090	10,405	78,892	(34,838	)	4,994	49,465	54,459	3,267	51,192	2017
Michigan	4	79,189	10,430	97,029	3,738		10,430	100,767	111,197	7,487	103,710	2017
North Carolina	6	100,253	13,689	123,653	3,224		13,689	126,877	140,566	9,260	131,306	2017
New Hampshire	3	41,159	6,092	50,557	854		6,092	51,411	57,503	3,601	53,902	2017
New Jersey	4	93,153	18,073	110,251	2,182		18,073	112,433	130,506	8,484	122,022	2017
New York	5	102,426	30,292	107,812	5,838		30,292	113,650	143,942	9,803	134,139	2017
Ohio	1	16,534	7,655	56,496	(40,120	)	2,633	21,398	24,031	1,693	22,338	2017
Oklahoma	1	4,569	447	5,387	767		447	6,154	6,601	615	5,986	2017
Pennsylvania	3	41,918	7,469	47,626	3,641		7,469	51,267	58,736	3,841	54,895	2017
Tennessee	2	35,092	5,699	42,462	1,284		5,699	43,746	49,445	3,489	45,956	2017
Texas	15	132,938	27,974	177,156	(13,879	)	24,389	166,862	191,251	16,039	175,212	2017
Virginia	6	101,057	23,071	140,115	(21,833	)	17,577	123,776	141,353	9,009	132,344	2017
Washington	1	28,786	2,125	36,312	368		2,125	36,680	38,805	1,107	37,698	2017
	158	2,648,072	509,971	3,424,514	(912	)	488,886	3,444,687	3,933,573	264,749	3,668,824



(Amounts in thousands)				Initial Cost				Costs Capitalized Subsequent to Acquisition (1)			Gross Cost Basis at December 31, 2018						Accumulated Depreciation (2)		Net Carrying Amount (3)	Date of Acquisition (4)
Property Description / Location	Number of Properties	Encumbrances		Land		Buildings and Improvements		Costs Capitalized Subsequent to Acquisition (1)			Land		Buildings and Improvements		Total		Accumulated Depreciation (2)		Net Carrying Amount (3)	Date of Acquisition (4)

Other Equity and Debt
Hotel—Arizona	5	41,363		10,917		43,884		7,124			10,917		51,008		61,925		3,596		58,329	2017
Hotel—California	21	290,323		57,970		274,907		19,254			57,970		294,161		352,131		20,202		331,929	2017
Hotel—Florida	3	25,822		8,508		24,764		4,281			8,508		29,045		37,553		2,051		35,502	2017
Hotel—Georgia	1	10,753		1,905		9,296		751			1,905		10,047		11,952		759		11,193	2017
Hotel—Iowa	3	17,346		—		15,832		71			—		15,903		15,903		1,066		14,837	2017
Hotel—Illinois	5	28,805		4,553		30,274		261			4,553		30,535		35,088		2,672		32,416	2017
Hotel—Indiana	1	9,183		1,232		9,325		410			1,232		9,735		10,967		693		10,274	2017
Hotel—Kansas	1	4,866		517		4,930		1,065			517		5,995		6,512		498		6,014	2017
Hotel—Kentucky	1	6,122		1,358		5,576		11			1,358		5,587		6,945		429		6,516	2017
Hotel—Massachusetts	1	9,183		1,152		9,261		1,846			1,152		11,107		12,259		721		11,538	2017
Hotel—Michigan	3	23,860		3,276		22,820		773			3,276		23,593		26,869		1,815		25,054	2017
Hotel—Missouri	1	4,788		471		5,597		561			471		6,158		6,629		509		6,120	2017
Hotel—Nevada	4	84,687		27,160		71,823		2,951			27,160		74,774		101,934		5,211		96,723	2017
Hotel—New Jersey	2	15,776		3,572		13,553		2,154			3,572		15,707		19,279		1,514		17,765	2017
Hotel—New York	8	28,962		3,791		25,267		6,863			3,791		32,130		35,921		2,991		32,930	2019
Hotel—Ohio	7	24,488		4,557		31,786		4,554			4,557		36,340		40,897		3,127		37,770	2017
Hotel—Oklahoma	1	2,826		—		4,751		42			—		4,793		4,793		488		4,305	2017
Hotel—Oregon	1	16,247		2,413		12,142		71			2,413		12,213		14,626		796		13,830	2017
Hotel—Pennsylvania	8	60,592		12,148		71,347		4,238			12,148		75,585		87,733		5,689		82,044	2017
Hotel—Rhode Island	1	6,750		910		7,017		972			910		7,989		8,899		728		8,171	2017
Hotel—Tennessee	1	9,575		2,020		8,803		58			2,020		8,861		10,881		713		10,168	2017
Hotel—Texas	14	115,140		16,720		90,428		10,909			16,720		101,337		118,057		6,738		111,319	2017
Hotel—Virginia	3	38,459		8,446		37,575		171			8,446		37,746		46,192		2,733		43,459	2017
Industrial—France	4	37,075		13,034		36,185		604			13,034		36,789		49,823		1,960		47,863	2017
Industrial—Spain	1	—		—		2,346		9			—		2,355		2,355		146		2,209	2017
Mixed-Use—Italy	1	10,467		13,293		18,972		4,232			13,293		23,204		36,497		1,521		34,976	2015
Multifamily—US	1	—		1,659		269		14,156			1,659		14,425		16,084		392		15,692	2017
Office—France	33	142,126		60,301		139,169		15,448			60,301		154,617		214,918		7,573		207,345	2016-2017
Office—Spain	2	12,931		96,002		88,770		168			96,002		88,938		184,940		4,731		180,209	2017
Office—US	6	73,015		24,510		198,612		11,508			24,510		210,120		234,630		28,039		206,591	2013-2017
Office/Industrial—France	206	346,727		109,406		329,735		663			109,406		330,398		439,804		1,798		438,006	2018
Retail—France	1	11,349		4,876		8,871		62			4,876		8,933		13,809		427		13,382	2017
Retail—UK	1	8,405		911		11,766		(3,705		)	911		8,061		8,972		1,563		7,409	2015
	352	1,518,011		497,588		1,665,653		112,536			497,588		1,778,189		2,275,777		113,889		2,161,888
Real estate held for investment	1,251	$	8,408,958	$	1,971,497	$	12,486,269	$	97,165		$	1,950,412	$	12,604,519	$	14,554,931	$	935,917	13,619,014

(Amounts in thousands)

Initial Cost

Costs Capitalized Subsequent to Acquisition (1)

Gross Cost Basis at December 31, 2018

Accumulated Depreciation (2)

Net Carrying Amount
(3)

Date of Acquisition
(4)

Property Description / Location

Number of Properties

Encumbrances

Land

Buildings and Improvements

Land

Buildings and Improvements

Total

Real estate held for sale

Hotel

69,699

2017

Industrial

131,400

2014

Other Equity & Debt—US

180,029

Various

Other Equity & Debt—Europe

471,274

Various

Total real estate assets

14,471,416

__________


⁽¹⁾	Includes adjustment for impairment of real estate.


⁽²⁾	Depreciation is calculated using a useful life ranging from 4 months based on the shortest remaining lease term for improvements and up to 51 years for buildings.


⁽³⁾	The aggregate gross cost of total real estate assets for federal income tax purposes is $13.2 billion at December 31, 2018.


⁽⁴⁾	Properties consolidated upon the Internalization reflect an acquisition date of April 2, 2015, the effective date of consolidation.

The following tables summarize the activity in real estate assets and accumulated depreciation:



	Year Ended December 31,
(In thousands)	2018			2017			2016
Real Estate, at Gross Cost Basis
Balance at January 1	$	15,791,144		$	3,656,094		$	3,518,682
Assumed through the Merger	—			11,730,087			—
Foreclosures and exchanges of loans receivable for real estate	45,617			1,867,655			128,124
Acquisitions	984,844			1,027,889			434,266
Improvements and capitalized costs ⁽¹⁾	276,210			237,125			16,072
Deconsolidation of real estate held by investment entity (Note 4)	(226,004		)	(407,653		)	—
Dispositions ⁽²⁾	(933,217		)	(2,484,616		)	(313,982		)
Impairment	(357,629		)	(59,652		)	(11,391		)
Measurement period adjustments for real estate acquired in 2015 business combination	—			—			(16,688		)
Effect of changes in foreign exchange rates	(80,163		)	224,215			(98,989		)
Balance at December 31	15,500,802			15,791,144			3,656,094
Classified as held for sale, net ⁽³⁾	(945,871		)	(748,589		)	(235,541		)
Balance at December 31, held for investment	$	14,554,931		$	15,042,555		$	3,420,553



	Year Ended December 31,
(In thousands)	2018			2017			2016
Accumulated Depreciation
Balance at January 1	$	606,200		$	188,509		$	88,577
Depreciation	471,599			453,331			108,298
Deconsolidation of real estate held by investment entity (Note 4)	(6,256		)	(3,212		)	—
Dispositions ⁽²⁾	(42,873		)	(34,854		)	(6,025		)
Effect of changes in foreign exchange rates	716			2,426			(2,341		)
Balance at December 31	1,029,386			606,200			188,509
Classified as held for sale, net ⁽³⁾	(93,469		)	(27,903		)	(11,587		)
Balance at December 31, held for investment	$	935,917		$	578,297		$	176,922

__________


⁽¹⁾	Includes transaction costs capitalized for asset acquisitions.


⁽²⁾	Includes amounts classified as held for sale during the year and disposed before the end of the year.


⁽³⁾	Amounts classified as held for sale during the year and remain as held for sale at the end of the year.