Real Estate

3 Months Ended

Mar. 31, 2020

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



	Carrying Value
	March 31,		December 31,
(In thousands)	2020		2019
Properties in operation	$	1,637,162	$	1,351,249
Properties under development	447,225		754,701
Total	$	2,084,387	$	2,105,950

In 2020, 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, office buildings in West Palm Beach and Palm Beach, Florida, an office building in London, and the completed portion of a mixed-use project in Washington D.C.. Properties in operation are net of accumulated depreciation and amortization of $66,160,000 and $59,832,000 as of March 31, 2020 and December 31, 2019, respectively. Related depreciation expense was $6,620,000 and $3,427,000 for the three months ended March 31, 2020 and 2019, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $44,198,185 in 2020, $60,669,125 in 2021, $60,719,260 in 2022, $54,301,460 in 2023, $52,053,044 in 2024, $48,299,498 in 2025 and $522,531,742 thereafter.

The Company borrowed $101,750,000 through a non-recourse loan secured by the West Palm Beach office building in 2018. The loan matures in November 2028 and carries a fixed interest rate of 4.21%. The carrying value does not reflect the outstanding financing, which is reflected within senior notes and other debt on the Company's consolidated balance sheet.

A mixed-use project in Washington, D.C. has been under development in 2020 and 2019, with the completed portion reported in properties in operation as of March 31, 2020.