Real Estate Activity

6 Months Ended

Jun. 30, 2022

Below is a summary of our real estate as of June 30, 2022 and December 31, 2021:


	June 30, 2022		December 31, 2021
Land	$	65,421	$	67,514
Building and improvements	201,998		219,327
Tenant improvements	25,123		21,364
Construction in progress	53,024		51,091
Total cost	345,566		359,296
Less accumulated depreciation	(61,870)		(62,933)
Total real estate	$	283,696	$	296,363

Construction in progress represents our investment in Windmill Farms.

Gain (loss) on sale or write-down of assets, net for the three and six months ended June 30, 2022 and 2021 consists of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Land(1)	$	2,763	$	5,155	$	4,752	$	11,112
Multifamily Properties(2)	—		—		9,603		11,441
Commercial Properties	890		—		890		—
Other(3)	240		(29,600)		(204)		(29,600)
	$	3,893	$	(24,445)	$	15,041	$	(7,047)

(1)Includes the gain on the 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 to Macquarie in 2021 (See Note 10 – Investment in Unconsolidated Joint Ventures) and the gain on sale of various multifamily properties that had previously been deferred (See Note 15 – Deferred Income).

(3)The 2021 amount represents a $29,600 loss on remeasurement of the Earn Out Obligation in connection with our investment in VAA (See Note 10 - Investment in Unconsolidated Joint Ventures).