Real Estate Real Estate

6 Months Ended

Jun. 30, 2014

Real Estate [Abstract]

Real Estate

Real Estate

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

	Carrying Value
	June 30,		December 31,
(In thousands)	2014		2013
Properties in operation	$	47,617	$	283,393
Properties under development	482,622		431,849
Total	$	530,239	$	715,242

The primary property in operation is a long-term ground lease in Washington, D.C. Properties in operation are net of accumulated depreciation and amortization of $78,000 and $17,827,000 as of June 30, 2014 and December 31, 2013, respectively. Related depreciation expense was $3,219,000 and $3,420,000 for the six months ended June 30, 2014 and 2013, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $760,000 in 2014, $1,549,000 in 2015, $1,596,000 in 2016, $1,644,000 in 2017, $1,693,000 in 2018 and $327,320,000 thereafter.

The properties under development are an office building in London, a mixed-use project in Washington, D.C. and an office complex in New York City.

In June 2014, the Company sold an office building in London for $67 million in cash and a $270 million, 2% bridge loan, which was repaid in July 2014. The carrying value of the building at the time of sale was $251 million.