Investment in Real Estate

3 Months Ended

Mar. 31, 2017

Real Estate [Abstract]

Investment in Real Estate

Investment in Real Estate

Real estate by property type and segment includes the following:

	March 31, 2017		December 31, 2016
Development property:
Residential real estate	$	103,919	$	101,292
Commercial real estate	56,118		56,073
Resorts and leisure	855		263
Leasing operations	6,916		2,291
Forestry	2,491		2,492
Corporate	2,470		2,438
Total development property	172,769		164,849
Operating property:
Residential real estate	8,138		8,097
Resorts and leisure	105,818		107,029
Leasing operations	83,891		82,336
Forestry	20,072		19,608
Other	50		50
Total operating property	217,969		217,120
Less: Accumulated depreciation	68,641		67,349
Total operating property, net	149,328		149,771
Investment in real estate, net	$	322,097	$	314,620

Development property consists of land the Company is developing or intends to develop for sale or future operations. Residential real estate includes primary residential and resort residential communities, direct costs 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 consists of land for commercial and industrial uses, including land holdings near the Northwest Florida Beaches International Airport and Port of Port St. Joe, and includes direct costs, such as roads and utilities, associated with the land and development costs for the Company’s properties. Resorts and leisure development property currently consists of the improvement and expansion of existing beach club property. Leasing development property primarily includes the land development and construction of buildings for lease in VentureCrossings and a Pier Park outparcel, as well as the consolidated Pier Park North JV. Development property in the leasing operations and resorts and leisure segments will be reclassified as operating property as it is placed into service.    

Operating property includes property that the Company uses for operations and activities. Residential real estate operating property consists primarily of residential utility assets. The resorts and leisure operating property includes the WaterColor Inn, vacation rental properties, golf courses, a beach club 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 Pier Park North JV. Forestry operating property includes the Company’s timberlands. Operating property may be sold in the future as part of the Company’s principal real estate business.

The Company capitalized indirect development costs during the three months ended March 31, 2017 of less than $0.1 million and had no capitalized indirect development costs during the three months ended March 31, 2016.