Investment in Real Estate

3 Months Ended

Mar. 31, 2016

Real estate by property type and segment includes the following:



	March 31, 2016		December 31, 2015
Development property:
Residential real estate	$	98,766	$	99,413
Commercial real estate	56,652		56,587
Leasing operations	528		360
Forestry	2,639		2,681
Corporate	2,271		2,211
Total development property	160,856		161,252

Operating property:
Residential real estate	8,091		8,091
Resorts and leisure	109,525		109,425
Leasing operations	79,571		79,550
Forestry	19,234		19,300
Other	50		50
Total operating property	216,471		216,416
Less: Accumulated depreciation	65,589		64,069
Total operating property, net	150,882		152,347
Investment in real estate, net	$	311,738	$	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. Leasing development property primarily includes the land development and construction for the consolidated joint venture at Pier Park North. This leasing development property is being reclassified as operating property as tenants commence operations at Pier Park North.

Operating property includes property that the Company uses for operations and activities. The resorts and leisure operating property includes the WaterColor Inn, golf courses 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. Operating 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.

The Company had no capitalized indirect development costs during the three months ended March 31, 2016 and less than $0.1 million during the three months ended March 31, 2015, primarily related to the consolidated joint venture at Pier Park North.