Rental Properties

9 Months Ended

Sep. 30, 2017

Real Estate [Abstract]

Rental Properties

Rental Properties

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

	September 30, 2017			December 31, 2016
Buildings and improvements	$	4,037,328		$	3,272,865
Furniture, fixtures & equipment	86,831			40,684
Land	1,097,445			917,748
Leasehold interests	25,774			—
	5,247,378			4,231,297
Accumulated depreciation	(711,384		)	(635,535		)
Total	$	4,535,994		$	3,595,762

Depreciation expense on rental properties was $93.2 million and $76.3 million for the nine months ended September 30, 2017 and 2016, respectively.