Real Estate

3 Months Ended

Mar. 31, 2024

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


	Carrying Value
	March 31,		December 31,
(In thousands)	2024		2023
Properties in operation	$	1,045,712	$	1,022,654
Properties under development	227,351		227,220
Total	$	1,273,063	$	1,249,874

As of March 31, 2024, 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 $34,131,000 and $32,745,000 as of March 31, 2024 and December 31, 2023, respectively. Related depreciation expense was $1,941,000 and $2,281,000 for the three months ended March 31, 2024

and 2023, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $25,874,266 in 2024, $33,742,431 in 2025, $31,539,135 in 2026, $30,794,160 in 2027, $31,352,156 in 2028, $26,899,553 in 2029 and $413,976,622 thereafter.

A mixed-use project in Washington, D.C. had been under development in 2024 and 2023, with the completed portion reported in properties in operation as of March 31, 2024.