Real Estate

12 Months Ended

Dec. 31, 2024

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


	As of December 31,
(In thousands)	2024		2023
Properties in operation	$	1,063,687	$	1,022,654
Properties under development	227,768		227,220
Total	$	1,291,455	$	1,249,874

In 2024, properties in operation primarily included a long-term ground lease in Washington, D.C., an office complex in New York City and the completed portion of a mixed-use project in Washington D.C. Properties in operation are net of

accumulated depreciation and amortization of $38,671,000 and $32,745,000 as of December 31, 2024 and 2023, respectively. Related depreciation expense was $8,633,000 and $8,935,000 for the years ended December 31, 2024 and 2023, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $35,394,421 in 2025, $34,739,030 in 2026, $34,191,439 in 2027, $35,009,348 in 2028, $30,586,197 in 2029 and $426,838,709 thereafter.

A mixed-use project in Washington, D.C. had been under development in 2024 and 2023, with the completed portion as noted above reported in properties in operation as of December 31, 2024.

The Company had commitments to invest up to $48 million in certain real estate investment projects as of December 31, 2024.