Real Estate

6 Months Ended

Jun. 30, 2022

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


	Carrying Value
	June 30,		December 31,
(In thousands)	2022		2021
Properties in operation	$	1,079,174	$	1,626,826
Properties under development	224,920		225,682
Total	$	1,304,094	$	1,852,508

As of June 30, 2022, properties in operation included a long-term ground lease in Washington, D.C., an office complex in New York City and the completed portion of a mixed-use project in Washington D.C. Properties in operation are net of accumulated depreciation and amortization of $32,743,000 and $57,391,000 as of June 30, 2022 and December 31, 2021, respectively. Related depreciation expense was $7,445,000 and $9,622,000 for the six months ended June 30, 2022 and

2021, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $15,974,530 in 2022, $31,172,279 in 2023, $31,529,168 in 2024, $28,867,842 in 2025, $26,877,236 in 2026, $26,067,784 in 2027 and $482,756,589 thereafter.

During the first quarter of 2022, the Company sold a real estate investment in London.

A mixed-use project in Washington, D.C. has been under development in 2022 and 2021, with the completed portion reported in properties in operation as of June 30, 2022.