REAL ESTATE OWNED (Tables)

3 Months Ended

Mar. 31, 2024

REAL ESTATE OWNED

Summary of carrying amounts for real estate owned (at cost)

The following table summarizes the carrying amounts for our real estate owned (at cost) as of March 31, 2024 and December 31, 2023 (dollars in thousands):

	March 31,		December 31,
	2024		2023
Land	$	2,559,184	$	2,549,716
Depreciable property — held and used:
Land improvements		257,791		255,706
Building, improvements, and furniture, fixtures and equipment		12,998,045		12,902,021
Real estate intangible assets		50,013		50,013
Under development:
Land and land improvements		6,611		16,576
Building, improvements, and furniture, fixtures and equipment		119,552		143,828
Real estate held for disposition:
Land and land improvements		—		13,734
Building, improvements, and furniture, fixtures and equipment		—		92,265
Real estate owned		15,991,196		16,023,859
Accumulated depreciation (a)		(6,407,111)		(6,267,830)
Real estate owned, net	$	9,584,085	$	9,756,029

(a) Accumulated depreciation is inclusive of $18.2 million and $17.2 million of accumulated amortization related to real estate intangible assets as of March 31, 2024 and December 31, 2023, respectively.