Real Estate Activity

3 Months Ended

Mar. 31, 2022

Real Estate [Abstract]

Real Estate Activity

Real Estate Activity

Below is a summary of our real estate as of March 31, 2022 and December 31, 2021:

	March 31, 2022		December 31, 2021
Land	$	65,622	$	67,514
Building and improvements	200,942		219,327
Tenant improvements	25,099		21,364
Construction in progress	52,591		51,091
Total cost	344,254		359,296
Less accumulated deprecation	(59,774)		(62,933)
Total real estate	$	284,480	$	296,363

Our construction in progress represents our investment in Windmill Farms.

Our gain on sale or write-down of assets, net for the three months ended March 31, 2022 and 2021 consist of the following:

	Three Months Ended March 31,
	2022		2021
Land(1)	$	1,989	$	5,957
Multifamily Properties(2)	9,364		11,441
Commercial Properties	(205)		—
	$	11,148	$	17,398

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

(2)On January 14, 2022, we sold Toulon, a 240 unit multifamily property in Gautier, Mississippi for $26,750, resulting in gain on sale of $9,364. We used the proceeds to pay off the $14,740 mortgage note payable on the property and for general corporate purposes. The

2021 amount is attributed to the gain from the sale of a 50% ownership interest in Overlook at Allensville Phase II (See Note 10 – Investment in Unconsolidated Joint Ventures) and the gain on the sale of various multifamily properties that had previously been deferred (See Note 15 – Deferred Income).