Our investments in real estate, net, consisted of the following as of September 30, 2013, and December 31, 2012 (in thousands):



	September 30, 2013				December 31, 2012
Rental properties:
Land (related to rental properties)	$	542,511			$	522,664
Buildings and building improvements	5,315,447				4,933,314
Other improvements	170,078				189,793
Rental properties	6,028,036				5,645,771
Less: accumulated depreciation	(915,494		)		(875,035		)
Rental properties, net	5,112,542				4,770,736

Construction in progress (“CIP”)/current value-creation projects:
Active development in North America	594,973				431,578
Investment in unconsolidated joint venture	42,537			⁽¹⁾	28,656
Active redevelopment in North America	24,960				199,744
Active development and redevelopment in Asia	97,319				101,602
Generic infrastructure/building improvement projects in North America	46,227				80,599
	806,016				842,179
Subtotal	5,918,558				5,612,915

Land/future value-creation projects:
Land undergoing predevelopment activities (CIP) in North America	351,062				433,310
Land held for future development in North America	190,427				296,039
Land held for future development/undergoing predevelopment activities (CIP) in Asia	77,274				82,314
Land subject to sale negotiations	76,440				—
	695,203				811,663
Investments in real estate, net	$	6,613,761			$	6,424,578


(1)	The book value for this unconsolidated joint venture represents our equity investment in the project.