Real Estate

Real estate consists of:



	Second Quarter-End 2015							Year-End 2014
	Carrying Value		Accumulated Depreciation			Net Carrying Value		Carrying Value		Accumulated Depreciation			Net Carrying Value
	(In thousands)
Entitled, developed and under development projects	$	345,181	$	—		$	345,181	$	321,273	$	—		$	321,273
Undeveloped land (includes land in entitlement)	93,013		—			93,013		93,182		—			93,182
Commercial
Radisson Hotel	61,628		(27,536		)	34,092		59,773		(29,062		)	30,711
Harbor Lakes golf course and country club	—		—			—		2,054		(1,508		)	546
Income producing properties
Eleven	53,901		(1,734		)	52,167		53,958		(576		)	53,382
Midtown	34,933		(963		)	33,970		33,293		(231		)	33,062
Dillon ^(a)	15,870		—			15,870		15,203		—			15,203
Music Row ^(a)	8,265		—			8,265		7,675		—			7,675
Downtown Edge	11,938		—			11,938		11,856		—			11,856
West Austin	9,029		—			9,029		8,866		—			8,866
	$	633,758	$	(30,233	)	$	603,525	$	607,133	$	(31,377	)	$	575,756

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^(a)	Construction in progress.

Our estimated costs of assets for which we expect to be reimbursed by utility and improvement districts were $87,516,000 at second quarter-end 2015 and $65,212,000 at year-end 2014, including $44,063,000 at second quarter-end 2015 and $31,913,000 at year-end 2014 related to our Cibolo Canyons project near San Antonio, Texas. In first six months 2015, we have collected $7,154,000 in reimbursements that were previously submitted to these districts. At second quarter-end 2015, our inception to-date submitted and approved reimbursements for the Cibolo Canyons project were $65,438,000 of which we collected $33,552,000. These costs are principally for water, sewer and other infrastructure assets that we have incurred and submitted or will submit to utility or improvement districts for approval and reimbursement. We expect to be reimbursed by utility and improvement districts when these districts achieve adequate tax basis or otherwise have funds available to support payment.