Real Estate Activities (Tables)

3 Months Ended

Mar. 31, 2019

Investments in real estate as of March 31, 2019 and December 31, 2018 were comprised of the following:



(in thousands of dollars)	As of March 31, 2019			As of December 31, 2018
Buildings, improvements and construction in progress	$	2,718,552		$	2,719,400
Land, including land held for development	465,624			465,194
Total investments in real estate	3,184,176			3,184,594
Accumulated depreciation	(1,148,794		)	(1,118,582		)
Net investments in real estate	$	2,035,382		$	2,066,012

Real Estate Capitalized Costs

The following table summarizes our capitalized interest, compensation, including commissions, and real estate taxes for the three months ended March 31, 2019 and 2018:



	Three Months Ended March 31,
(in thousands of dollars)	2019		2018
Development/Redevelopment Activities:
Interest⁽¹⁾	$	2,004	$	1,625
Compensation, including commissions	352		438
Real estate taxes	76		164

Leasing Activities:
Compensation, including commissions⁽²⁾	320		2,172

⁽¹⁾Includes interest capitalized on investments in partnerships under development.

⁽²⁾ The definition of initial direct costs under ASC 842 includes only those incremental costs of a lease that would not have been incurred if the lease had not been obtained. As discussed above, certain internal leasing and legal costs that were previously capitalized under ASC 840 are now recorded as period costs under ASC 842. Commissions paid for successful leasing transactions will continue to be capitalized.