Investment in Real Estate

6 Months Ended

Jun. 30, 2014

Real Estate [Abstract]

Investment in Real Estate

Investment in Real Estate

Real estate by property type and segment includes the following:

	June 30, 2014		December 31, 2013
Operating property:
Residential real estate	$	1,544	$	2,071
Resorts, leisure and leasing operations	177,064		146,624
Forestry	18,190		58,170
Other	45		45
Total operating property	196,843		206,910
Development property:
Residential real estate	102,307		130,616
Commercial real estate	58,812		58,659
Resorts, leisure and leasing operations	11,929		28,737
Forestry	3,319		8,976
Corporate	2,430		2,366
Total development property	178,797		229,354
Investment in unconsolidated affiliates(1)	2,368		2,241
Total real estate investments	378,008		438,505
Less: Accumulated depreciation	55,085		53,496
Investment in real estate, net	$	322,923	$	385,009
(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 includes 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, including property in our consolidated joint venture at Pier Park North. The increase in resorts, leisure and leasing operating property as compared to at December 31, 2013 is primarily attributable to the completion of development of a portion of the property owned by the Company's Pier Park North joint venture. 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. Resorts, leisure and leasing development property primarily includes the land and construction under development for the consolidated joint venture at Pier Park North. As the remainder of the Company's operations commence at Pier Park North, substantially all of the Pier Park North property included in development property as of June 30, 2014 will be reclassified as operating property.    

The Company had capitalized indirect development costs, primarily related to the consolidated joint venture at Pier Park North, of $0.2 million and $0.5 million, during the three and six months ended June 30, 2014, respectively, and $0.3 million, during the three and six months ended June 30, 2013.

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