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Real Estate | 9 Months Ended
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Sep. 30, 2025
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) | 2025 |  | 2024
Properties in operation | $ | 1,077,045 |  |  | $ | 1,063,687 |
Properties under development | 228,254 |  |  | 227,768 |
Total | $ | 1,305,299 |  |  | $ | 1,291,455 |
As of September 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 $40,063,000 and $38,671,000 as of September 30, 2025 and December 31, 2024, respectively. Related depreciation expense was $6,997,000 and $6,401,000 for the nine months ended September 30, 2025 and 2024, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $9,091,129 in 2025, $37,664,526 in 2026, $40,023,613 in 2027, $41,331,567 in 2028, $36,367,986 in 2029, $30,658,209 in 2030 and $430,404,988 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.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: 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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