Real Estate Investments

3 Months Ended

Mar. 31, 2017

Real Estate Investments, Net [Abstract]

Real Estate Investments

The major components of real estate investments as of March 31, 2017 and December 31, 2016 are as follows:



	March 31, 2017		December 31, 2016
Land	$	13,262	15,218
Buildings and improvements	42,908		46,826
Intangibles	—		149
Subtotal	56,170		62,193
Less: accumulated depreciation and amortization	10,246		11,734
Total	$	45,924	50,459

Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets, ranging from 7 to 39 years.

On April 6, 2017, 444 West Santa Clara Street, L.P. sold all of its interests in the commercial building and land the partnership owns and operates for $11,000. 444 West Santa Clara Street, L.P. will record a gain, net of tax and expenses, on the sale of real estate investments of approximately $6,200, including a hold back of $750 for remediation of a creek bank adjacent to the property, in the second quarter 2017. SJW Land Company holds a 70% limited interest in 444 West Santa Clara Street, L.P. In addition to the partnership property, SJW Land Company sold undeveloped land located in San Jose, California for $1,350. SJW Group will record a gain, net of tax and expenses, on the sale of real estate investments of approximately $586 in the second quarter 2017. The company has reclassified the partnership property and the undeveloped land property as long-lived assets held-for-sale in the accompanying Condensed Consolidated Balance Sheets as of March 31, 2017.

The partnership property and the undeveloped land property is included in SJW Group’s “Real Estate Services” reportable segment as disclosed in Note 5. Prior to the reclassification of the properties as held-for-sale, depreciation expense on the properties was $26 for the three months ended March 31, 2017. The following represents the major components of the 444 West Santa Clara Street, L.P. property and the undeveloped land property recorded in long-lived assets held-for-sale on SJW Group’s condensed consolidated balance sheets as of March 31, 2017:



	March 31, 2017
Land	$	1,956
Buildings and improvements	3,980
Intangibles	149
Subtotal	6,085
Less: accumulated depreciation and amortization	1,809
Total	$	4,276