XML 28 R18.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Real Estate
 6 Months Ended
Jun. 30, 2024
Real Estate [Abstract]  
Real Estate Real Estate
    Investment in real estate represents directly owned property held for investment, as follows:
Carrying Value
June 30,December 31,
(In thousands)20242023
Properties in operation$1,051,755 $1,022,654 
Properties under development227,551 227,220 
Total$1,279,306 $1,249,874 

    As of June 30, 2024, 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 $35,389,000 and $32,745,000 as of June 30, 2024 and December 31, 2023, respectively. Related depreciation expense was $4,164,000 and $4,394,000 for the six months ended June 30, 2024 and 2023, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $15,013,195 in 2024, $32,278,604 in 2025, $33,991,743 in 2026, $32,850,623 in 2027, $33,376,327 in 2028, $31,999,237 in 2029 and $416,884,751 thereafter.
    A mixed-use project in Washington, D.C. had been under development in 2024 and 2023, with the completed portion reported in properties in operation as of June 30, 2024.