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Real Estate Activities (Tables)

3 Months Ended

Mar. 31, 2021

Investments in real estate as of March 31, 2021 and December 31, 2020 were comprised of the following:

(in thousands of dollars)	March 31, 2021			December 31, 2020
Buildings, improvements and construction in progress	$	2,760,021		$	2,757,234
Land, including land held for development		463,132			463,103
Total investments in real estate		3,223,153			3,220,337
Accumulated depreciation		(1,336,228	)		(1,308,427	)
Net investments in real estate	$	1,886,925		$	1,911,910

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, 2021 and 2020:

	Three Months Ended March 31,
(in thousands of dollars)	2021		2020
Development/Redevelopment Activities:
Interest ⁽¹⁾	$	130	$	910
Compensation		37		344
Real estate taxes		29		197
Leasing Activities:
Compensation, including commissions ⁽²⁾		—		164

⁽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. Commissions paid for successful leasing transactions continue to be capitalized.