Real Estate

3 Months Ended

Mar. 31, 2025

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


	Carrying Value
	March 31,		December 31,
(In thousands)	2025		2024
Properties in operation	$	1,076,581	$	1,063,687
Properties under development	227,862		227,768
Total	$	1,304,443	$	1,291,455

As of March 31, 2025, properties in operation 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 $39,378,000 and $38,671,000 as of March 31, 2025 and December 31, 2024, respectively. Related depreciation expense was $2,228,000 and $1,941,000 for the three months ended March 31, 2025 and 2024, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $27,249,231 in 2025, $36,922,181 in 2026, $37,042,451 in 2027, $37,860,360 in 2028, $32,935,454 in 2029, $27,126,841 in 2030 and $407,461,333 thereafter.

A mixed-use project in Washington, D.C. had been under development in 2025 and 2024, with the completed portion reported in properties in operation as of March 31, 2025.