6. Properties

Our properties include the Woodstar Portfolio, the REO Portfolio and the Ireland Portfolio as discussed in Note 3. The table below summarizes our properties held as of June 30, 2016 and December 31, 2015 (dollars in thousands):


	Depreciable Life	June 30, 2016		December 31, 2015
Property Segment
Land and land improvements	0 – 10 years	$	324,616	$	247,589
Buildings and building improvements	10 – 40 years		686,214		516,117
Furniture & fixtures	2 – 7 years		21,607		11,980
Investing and Servicing Segment
Land and land improvements	0 – 10 years		67,187		39,103
Buildings and building improvements	10 – 40 years		156,146		112,524
Furniture & fixtures	3 – 7 years		1,227		747
Properties, cost			1,256,997		928,060
Less: accumulated depreciation			(24,142)		(8,835)
Properties, net		$	1,232,855	$	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 six months ended June 30, 2015. There were no properties sold during the six months ended June 30, 2016.