Real Estate Real Estate

6 Months Ended

Jun. 30, 2016

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



	Carrying Value
	June 30,		December 31,
(In thousands)	2016		2015
Properties in operation	$	244,178	$	226,055
Properties under development	779,924		710,312
Total	$	1,024,102	$	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 $12,507,000 and $9,073,000 as of June 30, 2016 and December 31, 2015, respectively. Related depreciation expense was $3,279,000 and $4,264,000 for the six months ended June 30, 2016 and 2015, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $5,748,577 in 2016, $16,781,578 in 2017, $18,316,352 in 2018, $16,340,608 in 2019, $14,908,179 in 2020, $15,068,226 in 2021 and $381,463,809 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.