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Real Estate Activity (Tables)
 12 Months Ended
Dec. 31, 2024
Real Estate [Abstract]  
Schedule of Real Estate Investment
At December 31, 2024 and 2023, our real estate investment is comprised of the following:
December 31,
20242023
Land$104,076 $104,156 
Building and improvements375,430 372,399 
Tenant improvements16,629 16,286 
Construction in progress140,046 76,110 
   Total cost636,181 568,951 
Less accumulated deprecation(78,793)(67,365)
Total real estate$557,388 $501,586 
Schedule of Gain (Loss) on Real Estate Transactions
(Loss) gain on real estate transactions consists of the following:
For the Year Ended
December 31,
202420232022
Land(1)$1,095 $188 $4,752 
Residential properties(2)— — 83,758 
Commercial properties(3)— — 686 
Other(4)(25,084)(2,111)(2,064)
$(23,989)$(1,923)$87,132 

(1)Includes 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 a gain on sale of $9,364. We used the proceeds from the sale to pay off the $14,740 mortgage note payable on the property and for general corporate purposes.
On September 16, 2022, in connection with the sale of properties by VAA (See Note 10 - Investment in Unconsolidated Joint Ventures), we sold Sugar Mill Phase III, a 72 unit multifamily property in Baton Rouge, Louisiana for $11,800, resulting in a gain on sale of $1,871. We used the proceeds from the sale to pay off the $9,551 mortgage note payable on the property and for general corporate purposes.
On November 1, 2022, we acquired control of the VAA Holdback Portfolio VAA (See Note 10 – Investment in Unconsolidated Joint Ventures), which resulted in a $73,187 gain on remeasurement of assets.
(3)On May 17, 2022, we sold Fruitland Park, a 6,722 square foot commercial building in Fruitland Park, Florida for $750, resulting in a gain on sale of $667. We used the proceeds from the sale for general corporate purposes.
(4)On October 31, 2024, we paid $23,400 to Clapper to resolve all claims related to real estate dispute (See Note 19 – Commitments and Contingencies). Other amounts include write-off of development costs.