Investment in Real Estate

12 Months Ended

Dec. 31, 2013

Real Estate [Abstract]

Investment in Real Estate

Investment in Real Estate

Real estate by property type and segment includes the following:

	December 31, 2013		December 31, 2012
Operating property:
Residential real estate	$	2,071	$	2,792
Resorts, leisure and leasing operations	146,624		152,906
Forestry	57,078		54,984
Rural land	139		139
Other	45		179
Total operating property	205,957		211,000
Development property:
Residential real estate	130,616		133,835
Commercial real estate	57,959		59,851
Resorts, leisure and leasing operations	28,482		351
Rural land	5,768		5,768
Corporate	2,366		2,268
Total development property	225,191		202,073
Investment property:
Commercial real estate	700		700
Resorts, leisure and leasing operations	255		255
Forestry	953		953
Other	3,208		3,216
Total investment property	5,116		5,124
Investment in unconsolidated affiliates(1)	2,241		2,222
Total real estate investments	438,505		420,419
Less: Accumulated depreciation	53,496		49,772
Investment in real estate, net	$	385,009	$	370,647
(1)   Recorded in the Company’s resorts, leisure and leasing operation's segment.

Operating property includes property that the Company uses for daily operations and activities. The resorts, leisure and leasing operating property include the WaterColor Inn, golf courses and marinas. Also included in resorts, leisure and leasing operating property is property developed by the Company and used for retail and commercial rental purposes. This property may be sold in the future as part of the Company's principal real estate business. Forestry operating property includes the Company’s timberlands.

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, sewers, 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 includes costs directly associated with the land and development costs, which also include common development costs such as roads and sewers. Rural land includes land with minimal development costs. Resorts, leisure and leasing development property primarily includes the land and construction under development for the consolidated joint venture at Pier Park North.

Investment property includes the Company’s land held for future use that has not been allocated to a specific project.

Investment in unconsolidated affiliates reflects the Company’s investment in the East San Marco joint venture. See Note 8,Real Estate Joint Ventures.

Depreciation expense related to real estate investments was $5.3 million, $5.9 million, and $7.8 million in 2013, 2012 and 2011, respectively. Depletion expense related to our timber operations was $1.2 million, $1.6 million, and $4.4 million in 2013, 2012 and 2011, respectively.