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Real Estate | 9 Months Ended
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Sep. 30, 2023
Real Estate [Abstract] |
Real Estate | Real Estate Investment in real estate represents directly owned property held for investment, as follows:
| Carrying Value
| September 30, |  | December 31,
(In thousands) | 2023 |  | 2022
Properties in operation | $ | 1,043,419 |  |  | $ | 1,114,167 |
Properties under development | 227,126 |  |  | 226,455 |
Total | $ | 1,270,545 |  |  | $ | 1,340,622 |
As of September 30, 2023, 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 $31,039,000 and $33,206,000 as of September 30, 2023 and December 31, 2022, respectively. Related depreciation expense was $6,667,000 and $9,934,000 for the nine months ended September 30, 2023 and 2022, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $8,368,709 in 2023, $35,249,642 in 2024, $34,435,718 in 2025, $32,583,382 in 2026, $32,074,240 in 2027, $32,823,410 in 2028 and $505,344,609 thereafter. The Company recognized impairments on real estate of $21 million and $72 million in the three months and nine months ended September 30, 2023, respectively. During the first quarter of 2022, the Company sold a real estate investment in London (proceeds from the real estate and related entity is presented on the business disposition line within the Consolidated Statements of Cash Flows). A mixed-use project in Washington, D.C. had been under development in 2023 and 2022, with the completed portion reported in properties in operation as of September 30, 2023.

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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 -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//976/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//978/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//970/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//972/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//974/tableOfContent + Details
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