Real Estate Real Estate

3 Months Ended

Mar. 31, 2016

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



	Carrying Value
	March 31,		December 31,
(In thousands)	2016		2015
Properties in operation	$	239,476	$	226,055
Properties under development	747,334		710,312
Total	$	986,810	$	936,367

In 2016, properties in operation included a long-term ground lease in Washington, D.C., a hotel in Memphis, Tennessee and office buildings in West Palm Beach and Palm Beach, Florida. Properties in operation are net of accumulated depreciation and amortization of $10,896,000 and $9,073,000 as of March 31, 2016 and December 31, 2015, respectively. Related depreciation expense was $1,668,000 and $2,543,000 for the three months ended March 31, 2016 and 2015, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $9,614,350 in 2016, $15,791,035 in 2017, $14,793,678 in 2018, $11,822,103 in 2019, $9,830,091 in 2020, $9,591,819 in 2021 and $343,543,992 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.