6. Properties

Our properties include the Woodstar Portfolio, the REO Portfolio and the Ireland Portfolio as discussed in Note 3. The below table summarizes our properties held as of March 31, 2016 and December 31, 2015 (dollar amounts in thousands):


	Depreciable Life	March 31, 2016		December 31, 2015
Property Segment
Land	—	$	295,345	$	236,545
Land improvements	5 – 10 years		19,900		11,044
Buildings	30 – 40 years		661,113		516,117
Furniture & fixtures	3 – 7 years		19,592		11,980
Investing and Servicing Segment
Land	—		49,736		39,103
Buildings	20 – 40 years		120,718		110,815
Building improvements	7 – 15 years		3,688		1,709
Furniture & fixtures	3 – 5 years		892		680
Tenant improvements	3 – 5 years		239		67
Properties, cost			1,171,223		928,060
Less: accumulated depreciation			(16,248)		(8,835)
Properties, net		$	1,154,975	$	919,225

In March 2015, the Investing and Servicing Segment sold an operating property that we had previously acquired from a CMBS trust, which resulted in a $17.1 million gain on sale of investments and other assets in our condensed consolidated statement of operations for the three months ended March 31, 2015. There were no properties sold during the three months ended March 31, 2016.