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Real Estate Activities (Tables)

9 Months Ended

Sep. 30, 2020

Investments in real estate as of September 30, 2020 and December 31, 2019 were comprised of the following:

(in thousands of dollars)	September 30, 2020			December 31, 2019
Buildings, improvements and construction in progress	$	2,753,965		$	2,753,039
Land, including land held for development		462,444			457,887
Total investments in real estate		3,216,409			3,210,926
Accumulated depreciation		(1,280,117	)		(1,202,722	)
Net investments in real estate	$	1,936,292		$	2,008,204

Real Estate Capitalized Costs

The following table summarizes our capitalized interest, compensation, including commissions, and real estate taxes for the three and nine months ended September 30, 2020 and 2019:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands of dollars)	2020		2019		2020		2019
Development/Redevelopment Activities:
Interest ⁽¹⁾	$	489	$	2,683	$	1,844	$	7,012
Compensation		25		281		416		969
Real estate taxes		29		524		255		945
Leasing Activities:
Compensation, including commissions ⁽²⁾		-		108		164		413

⁽¹⁾	Includes interest capitalized on investments in partnerships under development.

⁽²⁾	The definition of initial direct costs under ASC 842 includes only those incremental costs of a lease that would not have been incurred if the lease had not been obtained. Commissions paid for successful leasing transactions continue to be capitalized.