Rental Properties

6 Months Ended

Jun. 30, 2017

Real Estate [Abstract]

Rental Properties

Rental Properties

The following table summarizes the carrying amounts of rental properties as of June 30, 2017 and December 31, 2016 (in thousands):

	June 30, 2017			December 31, 2016
Buildings and improvements	$	3,800,488		$	3,272,865
Furniture, fixtures & equipment	84,463			40,684
Land	1,054,524			917,748
Leasehold interests	25,774			—
	4,965,249			4,231,297
Accumulated depreciation	(676,364		)	(635,535		)
Total	$	4,288,885		$	3,595,762

Depreciation expense on rental properties was $59.3 million and $49.8 million for the six months ended June 30, 2017 and 2016, respectively.