Rental Properties

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



	September 30, 2012			December 31, 2011
Buildings and improvements	$	1,721,187		$	1,602,676
Furniture, fixtures & equipment	43,723			54,737
Land	497,134			496,879
	2,262,044			2,154,292
Accumulated depreciation	(369,854		)	(335,116		)
Total	$	1,892,190		$	1,819,176

Depreciation expense on rental properties was $36.1 million and $33.1 million for the nine months ended September 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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