Schedule III – Real Estate and Accumulated Depreciation as of December 31, 2024 ($ in thousands) – Continued
The following table summarizes activity for real estate and accumulated depreciation for the years ended December 31, 2024 and 2023 ($ in thousands):
December 31, 2024
December 31, 2023
Real Estate (1) : Balance at the beginning of year Additions during the year: Building and building improvements Land and land improvements Furniture, fixtures and equipment Dispositions during the year: Building and building improvements Land and land improvements Furniture, fixtures and equipment Impairment of investments in real estate
$
21,061,744 $
23,161,692
137,879 24,272
152,709 29,205 10,579
5,534
(261,465) (91,188) (18,605) (150,392) (855,074)
(1,649,905) (416,215) (37,517) (188,804)
Assets held-for-sale
—
Balance at the end of the year
$
19,852,705 $
21,061,744
Accumulated depreciation (2) : Balance at the beginning of the year
$
(1,578,637) (630,327)
$
(1,013,703) (564,934)
Accumulated depreciation, net of dispositions Accumulated depreciation on assets held-for-sale
91,200
—
Balance at the end of the year
$
(2,117,764)
$
(1,578,637)
__________ (1) Real estate includes furniture, fixtures and equipment totaling $272.5 million and $304.7 million for the years ended December 31, 2024 and 2023, respectively. Real estate excludes right- of-use operating lease assets of $105.2 million for the years ended December 31, 2024 and 2023. (2) Accumulated depreciation excludes amortization on right-of-use operating lease assets of $9.9 million and $8.0 million for the years ended December 31, 2024 and 2023.
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