Real Estate Activities (Tables)

9 Months Ended

Sep. 30, 2019

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

(in thousands of dollars)	September 30, 2019			December 31, 2018
Buildings, improvements and construction in progress	$	2,735,348		$	2,719,400
Land, including land held for development		466,257			465,194
Total investments in real estate		3,201,605			3,184,594
Accumulated depreciation		(1,181,848	)		(1,118,582	)
Net investments in real estate	$	2,019,757		$	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 nine months ended September 30, 2019 and 2018:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands of dollars)	2019		2018		2019		2018
Development/Redevelopment Activities:
Interest ⁽¹⁾	$	2,683	$	1,821	$	7,012	$	4,728
Compensation		281		352		969		1,067
Real estate taxes		524		430		945		810
Leasing Activities:
Compensation, including commissions ⁽²⁾		108		1,482		413		5,423

⁽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.