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Real Estate | 3 Months Ended
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Mar. 31, 2022
Real Estate [Abstract] |
Real Estate | Real Estate Investment in real estate represents directly owned property held for investment, as follows:
| Carrying Value
| March 31, |  | December 31,
(In thousands) | 2022 |  | 2021
Properties in operation | $ | 1,052,198 |  |  | $ | 1,626,826 |
Properties under development | 223,959 |  |  | 225,682 |
Total | $ | 1,276,157 |  |  | $ | 1,852,508 |
As of March 31, 2022, 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 $32,031,000 and $57,391,000 as of March 31, 2022 and December 31, 2021, respectively. Related depreciation expense was $4,788,000 and $4,890,000 for the three months ended March 31, 2022 and 2021, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $24,004,686 in 2022, $30,750,724 in 2023, $30,466,934 in 2024, $27,802,134 in 2025, $25,807,966 in 2026, $24,984,457 in 2027 and $476,939,991 thereafter. During the first quarter of 2022, the Company sold a real estate investment in London. A mixed-use project in Washington, D.C. has been under development in 2022 and 2021, with the completed portion reported in properties in operation as of March 31, 2022.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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