Real Estate (Tables)

12 Months Ended

Dec. 31, 2016

Real estate consists of the following at December 31:



($ in thousands)	2016			2015
Real estate development
Mountain Village	$	126,096		$	120,954
Centennial	89,381			84,194
Grapevine	23,917			18,285
Tejon Ranch Commerce Center	8,871			12,033
Real estate development	248,265			235,466

Real estate and improvements - held for lease, net
Tejon Ranch Commerce Center	21,643			19,783
Rancho Santa Fe and Other	—			4,242
Real estate and improvements - held for lease	21,643			24,025
Less accumulated depreciation	(1,617		)	(2,083		)
Real estate and improvements - held for lease, net	$	20,026		$	21,942