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Activity for Real Estate Investments and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Summary and rollforward of real estate investments and accumulated depreciation
Mid-America Apartment Communities, Inc.
Mid-America Apartments, L.P.
Schedule III
Real Estate Investments and Accumulated Depreciation
A summary of activity for real estate investments and accumulated depreciation is as follows (dollars in thousands):


 
Year Ended December 31,
 
2016
 
2015
 
2014
Real estate investments:
 

 
 

 
 

Balance at beginning of year
$
8,215,768

 
$
8,069,395

 
$
7,722,181

Acquisitions (1)
4,961,140

 
316,151

 
407,889

Less:  FMV of Leases included in Acquisitions
(51,588
)
 
(4,438
)
 
(4,968
)
Improvement and development
202,614

 
165,000

 
186,043

Assets held for sale
—

 
—

 
—

Disposition of real estate assets (2)
(355,764
)
 
(330,340
)
 
(241,750
)
Balance at end of year
$
12,972,170

 
$
8,215,768

 
$
8,069,395

 
 
 
 
 
 
Accumulated depreciation:
 

 
 

 
 

Balance at beginning of year
$
1,499,213

 
$
1,373,678

 
$
1,138,315

Depreciation
314,076

 
289,177

 
276,991

Assets held for sale
—

 
—

 
—

Disposition of real estate assets (2)
(138,488
)
 
(163,642
)
 
(41,628
)
Balance at end of year
$
1,674,801

 
$
1,499,213

 
$
1,373,678

 
MAA's consolidated balance sheet at December 31, 2016, 2015, and 2014, includes accumulated depreciation of $18,730,000, $16,845,000, and $15,279,000, respectively, in the caption "Corporate properties, net".

(1) Includes non-cash activity related to acquisitions.
(2) Includes assets sold, casualty losses, and removal of certain fully depreciated assets.