Real Estate Real Estate

9 Months Ended

Sep. 30, 2016

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



	Carrying Value
	September 30,		December 31,
(In thousands)	2016		2015
Properties in operation	$	441,795	$	226,055
Properties under development	666,687		710,312
Total	$	1,108,482	$	936,367

In 2016, properties in operation included a long-term ground lease in Washington, D.C., a hotel in Memphis, Tennessee, an office complex in New York City and office buildings in West Palm Beach and Palm Beach, Florida. Properties in operation are net of accumulated depreciation and amortization of $13,345,000 and $9,073,000 as of September 30, 2016 and December 31, 2015, respectively. Related depreciation expense was $4,117,000 and $5,991,000 for the nine months ended September 30, 2016 and 2015, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $2,982,866 in 2016, $16,900,586 in 2017, $22,572,465 in 2018, $20,707,015 in 2019, $19,471,136 in 2020, $19,649,571 in 2021 and $411,667,096 thereafter.

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