Real Estate

3 Months Ended

Mar. 31, 2014

Real Estate [Abstract]

Real Estate

Real Estate

Real estate consists of:

	First Quarter-End			Year-End
	2014			2013
	(In thousands)
Entitled, developed and under development projects	$	361,978		$	361,687
Undeveloped land (includes land in entitlement)	85,918			86,367
Commercial and income producing properties
Carrying value	107,560			99,476
Less: accumulated depreciation	(28,646		)	(28,066		)
Net carrying value	78,914			71,410
	$	526,810		$	519,464

Included in entitled, developed and under development projects are the estimated costs of assets we expect to convey to utility and improvement districts of $63,743,000 at first quarter-end2014 and $62,183,000 at year-end 2013, including $41,795,000 at first quarter-end2014 and year-end 2013 related to our Cibolo Canyons project near San Antonio, Texas. These costs relate to water, sewer and other infrastructure assets we have submitted to utility or improvement districts for approval and reimbursement. We submitted for reimbursement to these districts $4,126,000 in first quarter2014 and $103,000 in first quarter2013. We collected reimbursements of $1,536,000 from these districts in first quarter2014 and $209,000 in first quarter2013. We expect to collect the remaining amounts billed when these districts achieve adequate tax bases to support payment.

Also included in entitled, developed and under development projects is our investment in the resort development owned by third parties at our Cibolo Canyons project. We did not receive any payments from the special improvement district in first quarter2014 or first quarter2013. At first quarter-end2014, we have $28,118,000 invested in the resort development.

In first quarter2014, commercial and income producing properties increased principally due to the acquisition of a multifamily development site in Austin for $8,239,000. At first quarter-end2014, commercial and income producing properties primarily represents our investment in a 413 guest room hotel in Austin with a carrying value of $27,658,000 and our investment in multifamily development sites located in Charlotte, Denver, Austin and Dallas with a combined carrying value of $50,660,000.

Depreciation expense, primarily related to commercial and income producing properties, was $580,000 in first quarter2014 and $849,000 in first quarter2013 and is included in other operating expenses.