Real Estate Real Estate

3 Months Ended

Mar. 31, 2015

Real Estate [Abstract]

Real Estate

Real Estate

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

	Carrying Value
	March 31,		December 31,
(In thousands)	2015		2014
Properties in operation	$	200,010	$	196,980
Properties under development	561,846		534,632
Total	$	761,856	$	731,612

Properties in operation included 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 $4,113,000 and $1,609,000 as of March 31, 2015 and December 31, 2014, respectively. Related depreciation expense was $2,543,000 and $1,813,000 as of March 31, 2015 and 2014, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $8,575,000 in 2015, $11,457,000 in 2016, $11,500,000 in 2017, $10,833,000 in 2018, $7,839,000 in 2019 and $336,653,000 thereafter.

Properties under development include an office building in London, a mixed-use project in Washington D.C. and an office complex in New York City. The Company expects to fund further development costs for these projects with a combination of its own funds and external financing.