Real Estate Real Estate

3 Months Ended

Mar. 31, 2014

Real Estate [Abstract]

Real Estate

Real Estate

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

	Carrying Value
	March 31,		December 31,
(In thousands)	2014		2013
Properties in operation	$	295,410	$	283,393
Properties under development	456,966		431,849
Total	$	752,376	$	715,242

The primary properties in operation are 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 $19,732,000 and $17,827,000, as of March 31, 2014 and December 31, 2013, respectively. Related depreciation expense was $1,813,000 and $1,757,000 for the three months ended March 31, 2014 and 2013, respectively. Future minimum rental income expected on operating leases relating to real estate properties in operation is $1,132,000 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.

The properties under development are 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.