Real Estate

6 Months Ended

Jun. 30, 2023

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


	Carrying Value
	June 30,		December 31,
(In thousands)	2023		2022
Properties in operation	$	1,065,183	$	1,114,167
Properties under development	227,017		226,455
Total	$	1,292,200	$	1,340,622

As of June 30, 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 $30,026,000 and $33,206,000 as of June 30, 2023 and December 31, 2022, respectively. Related depreciation expense was $4,394,000 and $7,445,000 for the six months ended June 30, 2023 and

2022, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $16,091,106 in 2023, $34,685,789 in 2024, $33,815,029 in 2025, $31,770,959 in 2026, $30,998,837 in 2027, $31,392,976 in 2028 and $490,402,153 thereafter.

During the second quarter of 2023, the Company recognized an impairment of $51 million on a real estate investment.

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 June 30, 2023.