Real Estate

12 Months Ended

Dec. 31, 2021

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


	As of December 31,
(In thousands)	2021		2020
Properties in operation	$	1,626,826	$	1,738,144
Properties under development	225,682		222,770
Total	$	1,852,508	$	1,960,914

In 2021, properties in operation included a long-term ground lease in Washington, D.C., an office complex in New York City, 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 $57,391,000 and $86,970,000 as of December 31, 2021 and 2020, respectively. Related depreciation expense was $19,688,000 and $27,090,000 for the years ended December 31, 2021 and 2020, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $58,772,835 in 2022, $55,749,048 in 2023, $54,826,385 in 2024, $52,251,635 in 2025, $50,176,066 in 2026 and $630,260,741

thereafter.

During the second quarter of 2021, the Company sold two office buildings in Palm Beach and West Palm Beach, Florida. One of these sales also resulted in a $102 million reduction of the Company's non-recourse debt that was supporting the property.

A mixed-use project in Washington, D.C. has been under development in 2021 and 2020, with the completed portion as noted above reported in properties in operation as of December 31, 2021.