Investment in Real Estate

3 Months Ended

Mar. 31, 2018

Real estate by property type and segment includes the following:



	March 31, 2018		December 31, 2017
Development property:
Residential real estate	$	97,408	$	100,279
Resorts and leisure	5,709		4,131
Commercial leasing and sales real estate	56,756		53,896
Forestry	2,143		2,488
Corporate	2,607		2,571
Total development property	164,623		163,365

Operating property:
Residential real estate	7,344		7,344
Resorts and leisure	103,680		103,616
Commercial leasing and sales real estate	110,513		110,491
Forestry	19,662		19,510
Other	50		50
Total operating property	241,249		241,011
Less: Accumulated depreciation	73,244		71,752
Total operating property, net	168,005		169,259
Investment in real estate, net	$	332,628	$	332,624

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 residential communities. Resorts and leisure development property consists of the improvement and expansion of existing beach club property, land and development costs and improvements to an existing restaurant and other property. Commercial leasing and sales development property primarily consists of land and development costs for commercial and industrial uses, including the Pier Park Crossings JV, land holdings near the Northwest Florida Beaches International Airport and Port of Port St. Joe. Development property in the resorts and leisure and commercial leasing and sales 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. Commercial leasing and sales 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, VentureCrossings and Beckrich Office Park, 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.