Real Estate Real Estate

9 Months Ended

Sep. 30, 2014

Real Estate [Abstract]

Real Estate

Real Estate

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

	Carrying Value
	September 30,		December 31,
(In thousands)	2014		2013
Properties in operation	$	196,884	$	283,393
Properties under development	507,110		431,849
Total	$	703,994	$	715,242

Included in properties in operation are a long-term ground lease in Washington, D.C. and an office building in West Palm Beach, Florida. Properties in operation are net of accumulated depreciation and amortization of $68,000 and $17,827,000 as of September 30, 2014 and December 31, 2013, respectively. Related depreciation expense was $3,228,000 and $5,111,000 for the nine months ended September 30, 2014 and 2013, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $2,820,000 in 2014, $11,360,000 in 2015, $11,379,000 in 2016, $11,420,000 in 2017, $10,750,000 in 2018 and $343,903,000 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.