Real Estate Activities (Tables)

6 Months Ended

Jun. 30, 2019

Investments in real estate as of June 30, 2019 and December 31, 2018 were comprised of the following:

(in thousands of dollars)	As of June 30, 2019			As of December 31, 2018
Buildings, improvements and construction in progress	$	2,761,444		$	2,719,400
Land, including land held for development		464,642			465,194
Total investments in real estate		3,226,086			3,184,594
Accumulated depreciation		(1,177,549	)		(1,118,582	)
Net investments in real estate	$	2,048,537		$	2,066,012

Real Estate Capitalized Costs

The following table summarizes our capitalized interest, compensation, including commissions, and real estate taxes for the three and six months ended June 30, 2019 and 2018:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands of dollars)	2019		2018		2019		2018
Development/Redevelopment Activities:
Interest ⁽¹⁾	$	2,325	$	1,281	$	4,329	$	2,907
Compensation		336		277		688		715
Real estate taxes		345		216		421		380
Leasing Activities:
Compensation, including commissions ⁽²⁾		156		1,769		476		3,941

⁽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.