Real Estate

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



	Carrying Value
	March 31,		December 31,
(In thousands)	2018		2017
Properties in operation	$	739,405	$	451,691
Properties under development	1,093,932		1,017,910
Total	$	1,833,337	$	1,469,601

In 2018, properties in operation included a long-term ground lease in Washington, D.C., a hotel in Memphis, Tennessee, two office complexes 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 $29,477,000 and $25,646,000 as of March 31, 2018 and December 31, 2017, respectively. Related depreciation expense was $3,815,000 and $1,648,000 for the three months ended March 31, 2018 and 2017, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $38,716,924 in 2018, $54,741,633 in 2019, $53,127,758 in 2020, $52,210,617 in 2021, $48,472,505 in 2022, $41,829,736 in 2023 and $498,985,951 thereafter.

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