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Activity for Real Estate Investments and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2017
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,
 
2017
 
2016
 
2015
Real estate investments:
 

 
 

 
 

Balance at beginning of year
$
12,972,170

 
$
8,215,768

 
$
8,069,395

Acquisitions (1)
127,710

 
4,961,140

 
316,151

Less:  FMV of leases included in acquisitions
(1,488
)
 
(51,588
)
 
(4,438
)
Improvement and development
322,829

 
202,614

 
165,000

Assets held for sale
(5,321
)
 
—

 
—

Disposition of real estate assets (2)
(123,861
)
 
(355,764
)
 
(330,340
)
Balance at end of year
$
13,292,039

 
$
12,972,170

 
$
8,215,768

 
 
 
 
 
 
Accumulated depreciation:
 

 
 

 
 

Balance at beginning of year
$
1,674,801

 
$
1,499,213

 
$
1,373,678

Depreciation
463,590

 
314,076

 
289,177

Assets held for sale
—

 
—

 
—

Disposition of real estate assets (2)
(63,320
)
 
(138,488
)
 
(163,642
)
Balance at end of year
$
2,075,071

 
$
1,674,801

 
$
1,499,213

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