Investments in Real Estate (Tables)

3 Months Ended

Mar. 31, 2020

Owned properties, both wholly-owned and those owned through investments in VIEs, consisted of the following:



	March 31, 2020			December 31, 2019
Land	$	643,380		$	654,985
Buildings and improvements	6,646,917			6,749,757
Furniture, fixtures and equipment	389,589			391,208
Construction in progress	437,203			341,554
	8,117,089			8,137,504
Less accumulated depreciation	(1,480,232		)	(1,442,789		)
Owned properties, net	$	6,636,857		$	6,694,715

Project costs directly associated with the development and construction of an owned real estate project, which include interest, property taxes, and amortization of deferred financing costs, are capitalized as construction in progress. Upon completion of the project, costs are transferred into the applicable asset category and depreciation commences. Interest totaling approximately $3.2 million and $2.7 million was capitalized during the three months ended March 31, 2020 and 2019, respectively.

On-Campus Participating Properties

Our on-campus participating properties segment includes six on-campus properties that are operated under long-term ground/facility leases with three university systems. Under our ground/facility leases, we receive an annual distribution representing 50% of these properties’ net cash flows, as defined in the ground/facility lease agreements. We also manage these properties under long-term management agreements and are paid management fees equal to a percentage of defined gross receipts.

On-campus participating properties consisted of the following:



	March 31, 2020			December 31, 2019
Buildings and improvements	$	156,359		$	155,941
Furniture, fixtures and equipment	13,705			13,552
Construction in progress	—			6
	170,064			169,499
Less accumulated depreciation	(96,348		)	(94,311		)
On-campus participating properties, net	$	73,716		$	75,188