Real Estate

Real estate consists of:



	First Quarter-End		Year-End
	2017		2016
	(In thousands)
Entitled, developed and under development projects	$	260,459	$	263,859
Land in the entitlement process and other	29,450		29,144
	$	289,909	$	293,003

Our estimated costs of assets for which we expect to be reimbursed by utility and improvement districts were $46,660,000 at first quarter-end 2017 and $45,157,000 at year-end 2016, including $15,344,000 at first quarter-end 2017 and $14,749,000 at year-end 2016 related to our Cibolo Canyons project near San Antonio, Texas. In first quarter 2017, we have collected $1,180,000 in reimbursements that were previously submitted to these districts. At first quarter-end 2017, our inception-to-date submitted and approved reimbursements for the Cibolo Canyons project were $54,376,000 of which we have collected $45,132,000. 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.