Real Estate (Notes)

12 Months Ended

Dec. 31, 2013

Real Estate [Abstract]

Real Estate

Real Estate

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

	As of December 31,
(In thousands)	2013		2012
Properties in operation	$	283,393	$	282,899
Properties under development	431,849		323,836
Total	$	715,242	$	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 $17,827,000 and $10,354,000, as of December 31, 2013 and 2012, respectively. Related depreciation expense was $7,474,000, $7,583,000 and $2,770,000 for the years ended December 31, 2013, 2012 and 2011, respectively. Future minimum rental income expected on operating leases relating to real estate held for investment is $1,504,000 in 2014, $1,549,000 in 2015, $1,596,000 in 2016, $1,644,000 in 2017, $1,693,000 in 2018 and $327,320,000 thereafter.

Properties under development represent the following: 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.