Real Estate (Notes)

12 Months Ended

Dec. 31, 2014

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)	2014		2013
Properties in operation	$	196,980	$	283,393
Properties under development	534,632		431,849
Total	$	731,612	$	715,242

In 2014, properties in operation included a long-term ground lease in Washington, D.C. and an office building in West Palm Beach, Florida. Properties in operation in 2013 included an office building located in London which was sold during 2014. Properties in operation are net of accumulated depreciation and amortization of $1,609,000 and $17,827,000 as of December 31, 2014 and 2013, respectively. Related depreciation expense was $4,808,000 and $7,474,000 for the years ended December 31, 2014 and 2013, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $11,379,000 in 2015, $11,457,000 in 2016, $11,500,000 in 2017, $10,833,000 in 2018, $7,839,000 in 2019 and $336,653,000 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.