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INVESTMENTS IN REAL ESTATE | 6 Months Ended
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Jun. 30, 2015
INVESTMENTS IN REAL ESTATE |
INVESTMENTS IN REAL ESTATE | 4. INVESTMENTS IN REAL ESTATE Investments in real estate consist of the following:
|  | June 30, 2015 |  | December 31, 2014 |
|  | (in thousands) |
Land |  | $ | 354,035 |  | $ | 354,035 |
Land improvements |  |  | 28,071 |  |  | 28,071 |
Buildings and improvements |  |  | 1,504,902 |  |  | 1,501,603 |
Furniture, fixtures, and equipment |  |  | 8,914 |  |  | 10,875 |
Tenant improvements |  |  | 142,306 |  |  | 131,446 |
Work in progress |  |  | 5,862 |  |  | 10,764 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investments in real estate |  |  | 2,044,090 |  |  | 2,036,794 |
Accumulated depreciation |  |  | (343,676 | ) |  | (320,857 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net investments in real estate |  | $ | 1,700,414 |  | $ | 1,715,937 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
We recorded depreciation expense of $15,063,000 and $14,705,000 for the three months ended June 30, 2015 and 2014, respectively, and $31,343,000 and $28,852,000 for the six months ended June 30, 2015 and 2014, respectively.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -SubTopic 360 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28) -URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule III -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 10 -Subparagraph 4 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a -Article 5 + Details
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