Real Estate

6 Months Ended

Jun. 30, 2025

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


	Carrying Value
	June 30,		December 31,
(In thousands)	2025		2024
Properties in operation	$	1,066,361	$	1,063,687
Properties under development	228,144		227,768
Total	$	1,294,505	$	1,291,455

As of June 30, 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 $39,761,000 and $38,671,000 as of June 30, 2025 and December 31, 2024, respectively. Related depreciation expense was $4,547,000 and $4,164,000 for the six months ended June 30, 2025 and

2024, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $17,986,813 in 2025, $37,365,898 in 2026, $37,887,121 in 2027, $38,646,570 in 2028, $33,546,284 in 2029, $27,798,317 in 2030 and $411,072,017 thereafter.

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