Real Estate

3 Months Ended

Mar. 31, 2023

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


	Carrying Value
	March 31,		December 31,
(In thousands)	2023		2022
Properties in operation	$	1,111,713	$	1,114,167
Properties under development	226,791		226,455
Total	$	1,338,504	$	1,340,622

As of March 31, 2023, 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 $30,180,000 and $33,206,000 as of March 31, 2023 and December 31, 2022, respectively. Related depreciation expense was $2,281,000 and $4,788,000 for the three months ended March 31, 2023

and 2022, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $24,345,984 in 2023, $34,786,393 in 2024, $32,070,092 in 2025, $29,483,276 in 2026, $28,567,112 in 2027, $28,906,220 in 2028 and $482,081,845 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 2023 and 2022, with the completed portion reported in properties in operation as of March 31, 2023.