Rental Properties

The following table summarizes the carrying amounts of rental properties as of June 30, 2012 and December 31, 2011 (in thousands):



	June 30, 2012			December 31, 2011
Buildings and improvements	$	1,654,885		$	1,602,676
Furniture, fixtures & equipment	43,011			54,737
Land	491,942			496,879
	2,189,838			2,154,292
Accumulated depreciation	(355,945		)	(335,116		)
Total	$	1,833,893		$	1,819,176

Depreciation expense on rental properties was $23.6 million and $22.0 million for the six months ended June 30, 2012 and 2011, respectively.

- 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

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