Real Estate

3 Months Ended

Mar. 31, 2013

Real Estate [Abstract]

Real Estate [Text Block]

Real Estate

Investment in real estate represents directly owned property held for investment, as follows:    

	Carrying value as of
	March 31,		December 31,
(In thousands)	2013		2012
Properties in operation	$	264,755	$	282,899
Properties under development	324,022		323,836
Total	$	588,777	$	606,735

Properties in operation represent an office building in London and a long-term ground lease in Washington D.C. These properties are net of accumulated depreciation and amortization of $11,397,000 and $10,354,000, as of March 31, 2013 and December 31, 2012, respectively. Related depreciation expense was $1,757,000 and $2,105,000 for the three months ended March 31, 2013 and 2012, respectively. Future minimum rental income expected on operating leases relating to real estate held for investment is $1,099,000 in 2013, $1,504,000 in 2014, $1,549,000 in 2015, $1,596,000 in 2016, $1,644,000 in 2017 and $329,013,000 thereafter.

Properties under development represent an office building in London, a mixed-use project in Washington D.C. and an office complex in New York City. The Company expects to fund further development costs for these projects with a combination of its own funds and external financing.