Real Estate

12 Months Ended

Dec. 31, 2022

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


	As of December 31,
(In thousands)	2022		2021
Properties in operation	$	1,114,167	$	1,626,826
Properties under development	226,455		225,682
Total	$	1,340,622	$	1,852,508

In 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 $33,206,000 and $57,391,000 as of December 31, 2022 and 2021, respectively. Related

depreciation expense was $12,269,000 and $19,688,000 for the years ended December 31, 2022 and 2021, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $32,282,796 in 2023, $33,528,105 in 2024, $31,015,149 in 2025, $29,250,535 in 2026, $28,334,384 in 2027 and $510,771,307 thereafter.

During the first quarter of 2022, the Company sold a real estate investment in London (proceeds from the real estate and related entity is presented on the business disposition line within the consolidated statements of cash flows).

A mixed-use project in Washington, D.C. had been under development in 2022 and 2021, with the completed portion as noted above reported in properties in operation as of December 31, 2022.