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Investment in Real Estate
9 Months Ended
Sep. 30, 2021
Investment in Real Estate  
Investment in Real Estate

3. Investment in Real Estate

Real estate by property type and segment includes the following:

    

September 30, 

    

December 31, 

2021

2020

Development property:

 

  

 

  

Residential

$

123,079

$

116,911

Hospitality

 

102,523

 

51,113

Commercial

 

75,400

 

123,389

Other

 

3,360

 

2,691

Total development property

 

304,362

 

294,104

Operating property:

 

  

 

  

Residential

 

13,253

 

13,254

Hospitality

 

124,427

 

103,687

Commercial

 

289,066

 

216,439

Other

 

128

 

129

Total operating property

 

426,874

 

333,509

Less: Accumulated depreciation

 

83,362

 

75,960

Total operating property, net

 

343,512

 

257,549

Investment in real estate, net

$

647,874

$

551,653

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, as well as development, construction and indirect costs. Residential development property includes existing and planned residential homesites and related infrastructure. Hospitality development property consists of land, improvements and construction and development costs primarily related to uncompleted hotels, resorts, club amenities and marinas. Commercial development property primarily consists

of land and construction and development costs for planned commercial, multi-family and industrial uses. Development property in the hospitality and commercial 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 operating property consists primarily of residential utility assets and certain rental properties. The hospitality operating property primarily consists of existing hotels, resorts, clubs, marinas, vacation rentals and other operations. Commercial operating property includes property developed or purchased by the Company and used for retail, office, self-storage, light industrial, multi-family, senior living, commercial rental and timber purposes. Operating property may be sold in the future as part of the Company’s principal real estate business.