Real Estate

3 Months Ended

Mar. 31, 2021

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


	Carrying Value
	March 31,		December 31,
(In thousands)	2021		2020
Properties in operation	$	1,737,394	$	1,738,144
Properties under development	223,818		222,770
Total	$	1,961,212	$	1,960,914

As of March 31, 2021, properties in operation included a long-term ground lease in Washington, D.C., an office complex in New York City, office buildings in West Palm Beach and Palm Beach, Florida, an office building in London, U.K., and the completed portion of a mixed-use project in Washington D.C. Properties in operation are net of accumulated depreciation and amortization of $90,424,000 and $86,970,000 as of March 31, 2021 and December 31, 2020, respectively. Related depreciation expense was $4,890,000 and $6,620,000 for the three months ended March 31, 2021 and 2020, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $51,375,848 in 2021, $69,979,774 in 2022, $62,948,942 in 2023, $59,715,831 in 2024, $55,715,947 in 2025, $51,654,944 in 2026 and $594,894,205 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 sheets. A mixed-use project in Washington, D.C. has been under development in 2021 and 2020, with the completed portion reported in properties in operation as of March 31, 2021.