Investment in Real Estate

9 Months Ended

Sep. 30, 2016

Real Estate [Abstract]

Investment in Real Estate

Investment in Real Estate

Real estate by property type and segment includes the following:

	September 30, 2016		December 31, 2015
Development property:
Residential real estate	$	99,545	$	99,413
Commercial real estate	57,248		56,587
Resorts and leisure	214		—
Leasing operations	1,119		360
Forestry	2,509		2,681
Corporate	2,389		2,211
Total development property	163,024		161,252
Operating property:
Residential real estate	8,091		8,091
Resorts and leisure	109,346		109,425
Leasing operations	81,307		79,550
Forestry	19,517		19,300
Other	50		50
Total operating property	218,311		216,416
Less: Accumulated depreciation	68,327		64,069
Total operating property, net	149,984		152,347
Investment in real estate, net	$	313,008	$	313,599

Development property consists of land the Company is developing or intends to develop for sale or future operations. Residential real estate includes mixed-use resort, primary and seasonal residential communities and includes costs directly associated with the land, development and construction of these communities, including common development costs such as roads, utilities and amenities and indirect costs such as development overhead, capitalized interest, marketing and project administration. Commercial real estate includes land for commercial and industrial uses, including land holdings near the Northwest Florida Beaches International Airport and Port of Port St. Joe, and includes costs directly associated with the land and development costs for these properties, which also include common development costs such as roads and utilities. Resorts and leisure development property consists of improvements and expansion of existing beach club property. Leasing development property primarily includes the land development and construction for the consolidated joint venture at Pier Park North. Development property in the leasing operations and resorts and leisure segments will be reclassified as operating property as it is placed into service.    

Operating property includes property that the Company uses for operations and activities. Residential real estate operating property consists primarily of residential utility assets. The resorts and leisure operating property includes the WaterColor Inn, golf courses, a beach club and marinas. Leasing operating property includes property developed or purchased by the Company and used for retail and commercial rental purposes, including property in the consolidated joint venture at Pier Park North. Forestry operating property includes the Company’s timberlands. Operating property may be sold in the future as part of the Company’s principal real estate business.

The Company had no capitalized indirect development costs during the three and nine months ended September 30, 2016, and $0.1 million and $0.2 million during the three and nine months ended September 30, 2015, respectively, primarily related to the consolidated joint venture at Pier Park North.