Real Estate

6 Months Ended

Jun. 30, 2020

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


	Carrying Value
	June 30,		December 31,
(In thousands)	2020		2019
Properties in operation	$	1,623,579	$	1,351,249
Properties under development	449,193		754,701
Total	$	2,072,772	$	2,105,950

As of June 30, 2020, properties in operation included a long-term ground lease in Washington, D.C., a hotel in Memphis, Tennessee, two office complexes in New York City, office buildings in West Palm Beach and Palm Beach, Florida, an office building in London, and the completed portion of a mixed-use project in Washington D.C.. Properties in operation are net of accumulated depreciation and amortization of $72,036,000 and $59,832,000 as of June 30, 2020 and December 31, 2019, respectively. Related depreciation expense was $13,776,000 and $8,931,000 for the six months ended June 30, 2020 and 2019, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $39,127,419 in 2020, $81,060,656 in 2021, $81,637,432 in 2022, $75,278,181 in 2023, $73,040,940 in 2024, $69,300,988 in 2025 and $660,961,934 thereafter.

The Company borrowed $101,750,000 through a non-recourse loan secured by the West Palm Beach office building in 2018. The loan matures in November 2028 and carries a fixed interest rate of 4.21%. The carrying value does not reflect the outstanding financing, which is reflected within senior notes and other debt on the Company's consolidated balance sheet.

A mixed-use project in Washington, D.C. has been under development in 2020 and 2019, with the completed portion reported in properties in operation as of June 30, 2020.