Real Estate

9 Months Ended

Sep. 30, 2020

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


	Carrying Value
	September 30,		December 31,
(In thousands)	2020		2019
Properties in operation	$	1,651,343	$	1,351,249
Properties under development	455,131		754,701
Total	$	2,106,474	$	2,105,950

As of September 30, 2020, properties in operation included a long-term ground lease in Washington, D.C., 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 $78,113,000 and $59,832,000 as of September 30, 2020 and December 31, 2019, respectively. Related depreciation expense was $19,818,000 and $8,871,000 for the nine months ended September 30, 2020 and 2019, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $19,629,625 in 2020, $82,022,840 in 2021, $83,544,465 in 2022, $77,429,542 in 2023, $74,828,766 in 2024, $71,126,366 in 2025 and $672,867,459 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 September 30, 2020.