Investment in Real Estate

9 Months Ended

Sep. 30, 2017

Real estate by property type and segment includes the following:



	September 30, 2017		December 31, 2016
Development property:
Residential real estate	$	101,697	$	101,292
Commercial real estate	55,060		56,073
Resorts and leisure	2,489		263
Leasing operations	18,582		2,291
Forestry	2,488		2,492
Corporate	2,530		2,438
Total development property	182,846		164,849

Operating property:
Residential real estate	7,344		8,097
Resorts and leisure	105,860		107,029
Leasing operations	92,768		82,336
Forestry	19,357		19,608
Other	50		50
Total operating property	225,379		217,120
Less: Accumulated depreciation	70,716		67,349
Total operating property, net	154,663		149,771
Investment in real estate, net	$	337,509	$	314,620

Development property consists of land the Company is developing or intends to develop for sale or future operations and includes direct costs associated with the land, development and construction costs and indirect costs. Residential real estate includes primary residential and resort residential communities. 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. Resorts and leisure development property 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 Pier Park Crossings 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, certain 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 the Beckrich Office Park, property in the Pier Park North JV, as well as other properties. 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.