Real Estate

9 Months Ended

Sep. 30, 2022

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


	Carrying Value
	September 30,		December 31,
(In thousands)	2022		2021
Properties in operation	$	1,094,732	$	1,626,826
Properties under development	225,818		225,682
Total	$	1,320,550	$	1,852,508

As of September 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 $32,016,000 and $57,391,000 as of September 30, 2022 and December 31, 2021, respectively. Related depreciation expense was $9,934,000 and $14,412,000 for the nine months ended September 30,

2022 and 2021, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $8,019,763 in 2022, $31,343,979 in 2023, $32,033,785 in 2024, $29,482,786 in 2025, $27,653,706 in 2026, $26,714,837 in 2027 and $499,542,813 thereafter.

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

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