Real Estate

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



	Carrying Value
	June 30,		December 31,
(In thousands)	2017		2016
Properties in operation	$	447,721	$	457,237
Properties under development	869,368		727,744
Total	$	1,317,089	$	1,184,981

In 2017, 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 $18,600,000 and $14,996,000 as of June 30, 2017 and December 31, 2016, respectively. Related depreciation expense was $3,604,000 and $3,279,000 for the six months ended June 30, 2017 and 2016 respectively. Future minimum rental income expected on operating leases relating to properties in operation is $9,248,244 in 2017, $27,797,511 in 2018, $29,246,483 in 2019, $28,527,541 in 2020, $29,145,221 in 2021, $28,784,655 in 2022 and $466,275,306 thereafter.

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