Real Estate (Notes)

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

Real Estate

Real Estate

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

	As of December 31,
(In thousands)	2016		2015
Properties in operation	$	457,237	$	226,055
Properties under development	727,744		710,312
Total	$	1,184,981	$	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 $14,996,000 and $9,073,000 as of December 31, 2016 and 2015, respectively. Related depreciation expense was $14,802,000 and $7,425,000 for the years ended December 31, 2016 and 2015, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $16,466,519 in 2017, $27,165,624 in 2018, $27,451,819 in 2019, $26,281,505 in 2020, $26,560,894 in 2021 and $464,803,187 thereafter.

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