Investment in Real Estate

9 Months Ended

Sep. 30, 2014

Real Estate [Abstract]

Investment in Real Estate

Investment in Real Estate

Real estate by property type and segment includes the following:

	September 30, 2014		December 31, 2013
Operating property:
Residential real estate	$	1,544	$	2,071
Resorts, leisure and leasing operations	188,305		146,624
Forestry	18,367		58,170
Other	48		45
Total operating property	208,264		206,910
Development property:
Residential real estate	103,086		130,616
Commercial real estate	59,411		58,659
Resorts, leisure and leasing operations	1,772		28,737
Forestry	3,319		8,976
Corporate	2,478		2,366
Total development property	170,066		229,354
Investment in unconsolidated affiliates(1)	2,357		2,241
Total real estate investments	380,687		438,505
Less: Accumulated depreciation	56,623		53,496
Investment in real estate, net	$	324,064	$	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, and corresponding decrease in resorts, leisure and leasing development property as compared to 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 September 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 $0.6 million, during the three and nine months ended September 30, 2014, respectively, and $0.1 million and $0.4 million, during the three and nine months ended September 30, 2013, respectively.

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