Investment in Real Estate

3 Months Ended

Mar. 31, 2022

Investment in Real Estate

Investment in Real Estate

3. Investment in Real Estate

Real estate, excluding unconsolidated JVs, by property type and segment includes the following:

	March 31,		December 31,
	2022		2021
Development property:
Residential	$	125,784	$	122,404
Hospitality		146,298		137,089
Commercial		104,553		85,931
Other		3,261		3,232
Total development property		379,896		348,656
Operating property:
Residential		13,253		13,253
Hospitality		144,857		124,449
Commercial		293,535		290,794
Other		128		127
Total operating property		451,773		428,623
Less: Accumulated depreciation		90,214		87,166
Total operating property, net		361,559		341,457
Investment in real estate, net	$	741,455	$	690,113

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. Hospitality operating property primarily consists of existing hotels, resorts, clubs, 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. As of March 31, 2022 and December 31, 2021, operating property, net related to operating leases was $228.5 million and $230.0 million, respectively.