Investment in Real Estate, Net

3 Months Ended

Mar. 31, 2024

Investment in Real Estate, Net

Investment in Real Estate, Net

3. Investment in Real Estate, Net

Investment in real estate, net, excluding unconsolidated JVs, by property type and segment includes the following:

	March 31,		December 31,
	2024		2023
Development property:
Residential	$	139,391	$	141,145
Hospitality		27,595		23,633
Commercial		106,282		99,719
Other		3,048		2,924
Total development property		276,316		267,421
Operating property:
Residential		10,294		10,905
Hospitality		417,864		419,095
Commercial		440,870		439,671
Total operating property		869,028		869,671
Less: Accumulated depreciation		122,417		118,474
Total operating property, net		746,611		751,197
Investment in real estate, net	$	1,022,927	$	1,018,618

Investment in real estate, net is carried at cost, net of depreciation and timber depletion, unless circumstances indicate that the carrying value of the assets may not be recoverable.

Development property consists of land the Company is developing or intends to develop for sale, lease 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, as well as development costs related to additional club amenities. 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 rental homes, marinas and other operations. Commercial operating property includes property 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, 2024 and December 31, 2023, operating property, net related to operating leases was $364.7 million and $367.3 million, respectively.