Our investments in real estate consisted of the following as of September 30, 2015, and December 31, 2014 (in thousands):



	September 30, 2015			December 31, 2014
Land (related to rental properties)	$	676,459		$	624,681
Buildings and building improvements	6,764,292			6,171,504
Other improvements	250,364			192,128
Rental properties	7,691,115			6,988,313

Development and redevelopment projects under construction/Construction in progress (CIP):
Development projects under construction in North America	644,500			500,894
Redevelopment projects under construction in North America	139,931			42,482
Development projects under construction in Asia	—			14,065
	784,431			557,441

Rental properties and development and redevelopment projects under construction	8,475,546			7,545,754

Near-term value-creation projects in North America (CIP):
Alexandria Center^® at Kendall Square – Binney Street	—			321,907
Other projects	47,358			107,471
	47,358			429,378

Future value-creation projects:
North America	187,313			175,175
Asia	77,261			78,548
	264,574			253,723

Near-term and future value-creation projects	311,932			683,101

Value-creation pipeline	1,096,363			1,240,542

Gross investments in real estate	8,787,478			8,228,855
Equity method of accounting – unconsolidated joint ventures	126,471			117,406
Gross investments in real estate – including unconsolidated joint ventures	8,913,949			8,346,261
Less: accumulated depreciation	(1,259,740		)	(1,120,245		)
Investments in real estate	$	7,654,209		$	7,226,016