Investment in Real Estate (Tables)

12 Months Ended

Dec. 31, 2014

Real Estate [Abstract]

Real Estate by Property Type and Segment

Real estate by property type and segment includes the following:

	December 31, 2014		December 31, 2013
Development property:
Residential real estate	102,411		130,616
Commercial real estate	59,405		58,659
Resorts, leisure and leasing operations (1)	3,207		28,737
Forestry	3,278		8,976
Corporate	2,491		2,366
Total development property	170,792		229,354
Operating property:
Residential real estate	$	1,544	$	2,071
Resorts, leisure and leasing operations (2)	188,721		146,624
Forestry	18,839		58,170
Other	48		45
Total operating property	209,152		206,910
Less: Accumulated depreciation	58,132		53,496
Net operating property	151,020		153,414
Investment in unconsolidated affiliates	—		2,241
Investment in real estate, net	$	321,812	$	385,009

(1	)	Includes $3.1 million and $28.4 million for the Pier Park North joint venture as of December 31, 2014 and 2013, respectively.
(2	)	Includes $41.6 million for the Pier Park North joint venture as of December 31, 2014.

Property, Plant and Equipment

Operating property includes the following components:

	December 31, 2014		December 31, 2013		Estimated Useful Life (in years)
Land and land improvements	$	72,284	$	74,070	5 - 20
Buildings and building improvements	127,577		99,417		20 - 40
Timber	9,291		33,423		N/A
	209,152		206,910
Less: Accumulated depreciation	58,132		53,496
Total operating property, net	151,020		153,414

Property and equipment, net consists of the following:

	December 31, 2014		December 31, 2013		Estimated Useful Life (in years)
Railroad and equipment	$	33,627	$	33,627	15-30
Machinery and equipment	16,498		18,714		3-10
Office equipment	18,844		19,154		3-10
Autos and trucks	866		1,600		3-10
	69,835		73,095
Less: Accumulated depreciation	60,284		62,206
	9,551		10,889
Construction in progress	652		521
Total property and equipment, net	$	10,203	$	11,410