Real Estate Activity

6 Months Ended

Jun. 30, 2021

Below is a summary of our real estate as of June 30, 2021 and December 31, 2020:


	June 30, 2021		December 31, 2020
Land	$	48,366	$	50,759
Building and improvements	281,162		297,644
Tenant improvements	30,999		30,935
Construction in progress	70,931		77,891
Total cost	431,458		457,229
Less accumulated deprecation	(87,503)		(82,418)
Total real estate, net	343,955		374,811
Property held for sale	705		2,572
Total real estate	$	344,660	$	377,383

The (loss) gain on sale or write-down of assets, net for the three and six months ended June 30, 2021 and 2020 consist of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Land(1)	$	5,154	$	5,339	$	11,111	$	9,477
Residential Properties(2)	—		—		11,441		—

Other(3)	(29,599)		—		(29,599)		—
	$	(24,445)	$	5,339	$	(7,047)	$	9,477

(1)Includes the gain on sale of lots related to our investment in Windmill Farms, Mercer Crossing and other land holdings.

(2)Includes the gain from the sale of a 50% ownership interest in Overlook at Allensville Phase II (See Note 9 – Investment in Unconsolidated Joint Ventures) and the gain on the sale of various multifamily properties that had previously been deferred (See Note 14 – Deferred Income).

(3)Loss on the remeasurement of the Earn Out Obligation was recorded in connection with our investment in VAA (See Note 9 - Investment in Unconsolidated Joint Ventures).