Real Estate

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



	Carrying Value
	September 30,		December 31,
(In thousands)	2017		2016
Properties in operation	$	451,669	$	457,237
Properties under development	939,605		727,744
Total	$	1,391,274	$	1,184,981

In 2017, properties in operation included a long-term ground lease in Washington, D.C., a hotel in Memphis, Tennessee, an office complex in New York City and office buildings in West Palm Beach and Palm Beach, Florida. Properties in operation are net of accumulated depreciation and amortization of $20,378,000 and $14,996,000 as of September 30, 2017 and December 31, 2016, respectively. Related depreciation expense was $5,382,000 and $4,117,000 for the nine months ended September 30, 2017 and 2016, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $4,966,133 in 2017, $28,251,980 in 2018, $30,174,146 in 2019, $29,415,103 in 2020, $30,054,813 in 2021, $29,966,679 in 2022 and $467,192,215 thereafter.

Properties under development include an office building in London and a mixed-use project in Washington, D.C.