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Real Estate (Notes)
12 Months Ended
Dec. 31, 2017
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)
2017
 
2016
Properties in operation
$
451,691

 
$
457,237

Properties under development
1,017,910

 
727,744

Total
$
1,469,601

 
$
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 $25,646,000 and $16,425,000 as of December 31, 2017 and 2016, respectively. Related depreciation expense was $9,212,000 and $6,940,000 for the years ended December 31, 2017 and 2016, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $28,175,755 in 2018, $33,653,067 in 2019, $33,435,418 in 2020, $33,878,321 in 2021, $33,885,797 in 2022 and $517,372,272 thereafter.
Properties under development include an office building in London and a mixed-use project in Washington, D.C.