Real Estate Real Estate

9 Months Ended

Sep. 30, 2015

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



	Carrying Value
	September 30,		December 31,
(In thousands)	2015		2014
Properties in operation	$	226,930	$	196,980
Properties under development	646,979		534,632
Total	$	873,909	$	731,612

Properties in operation include a long-term ground lease in Washington, D.C. and office buildings in West Palm Beach and Palm Beach, Florida. Properties in operation are net of accumulated depreciation and amortization of $7,561,000 and $1,609,000 as of September 30, 2015 and December 31, 2014, respectively. Related depreciation expense was $5,991,000 and $3,228,000 for the nine months ended September 30, 2015 and 2014, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $3,119,438 in 2015, $12,259,281 in 2016, $12,210,962 in 2017, $11,224,190 in 2018, $8,177,750 in 2019, $6,111,665 in 2020 and $330,978,082 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.