Real Estate

9 Months Ended

Sep. 30, 2023

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


	Carrying Value
	September 30,		December 31,
(In thousands)	2023		2022
Properties in operation	$	1,043,419	$	1,114,167
Properties under development	227,126		226,455
Total	$	1,270,545	$	1,340,622

As of September 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 $31,039,000 and $33,206,000 as of September 30, 2023 and December 31, 2022, respectively. Related depreciation expense was $6,667,000 and $9,934,000 for the nine months ended September 30, 2023 and 2022, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $8,368,709 in 2023, $35,249,642 in 2024, $34,435,718 in 2025, $32,583,382 in 2026, $32,074,240 in 2027, $32,823,410 in 2028 and $505,344,609 thereafter.

The Company recognized impairments on real estate of $21 million and $72 million in the three months and nine months ended September 30, 2023, respectively.

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 September 30, 2023.