Real Estate Real Estate

6 Months Ended

Jun. 30, 2015

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



	Carrying Value
	June 30,		December 31,
(In thousands)	2015		2014
Properties in operation	$	209,219	$	196,980
Properties under development	611,038		534,632
Total	$	820,257	$	731,612

Properties in operation include a long-term ground lease in Washington, D.C. and an office building in West Palm Beach, Florida. Properties in operation are net of accumulated depreciation and amortization of $5,834,000 and $1,609,000 as of June 30, 2015 and December 31, 2014, respectively. Related depreciation expense was $4,264,000 and $3,219,000 for the six months ended June 30, 2015 and 2014, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $5,741,234 in 2015, $11,456,555 in 2016, $11,499,945 in 2017, $10,832,715 in 2018, $7,839,368 in 2019, $5,867,788 in 2020 and $330,727,579 thereafter.

Properties under development include an office building in London, a mixed-use project in Washington D.C. and an office complex in New York City.