REAL ESTATE ACTIVITY

6 Months Ended

Jun. 30, 2017

Real Estate [Abstract]

REAL ESTATE ACTIVITY

NOTE 2. REAL ESTATE ACTIVITY

Below is a summary of the real estate owned as of June 30, 2017 (dollars in thousands):

Apartments	$	695,192
Apartments under construction		64,546
Commercial properties		220,801
Land held for development		79,442
Real estate subject to sales contract		48,366
Total real estate	$	1,108,347
Less accumulated depreciation		(177,700	)
Total real estate, net of depreciation	$	930,647

The highlights of our significant real estate transactions for the six months ended June 30, 2017 are listed below:

Purchases

During the six months ended June 30, 2017, we acquired four land parcels for development for a total purchase price of $12.9 million, adding 34.56 acres to the development portfolio.

Sales

During the six months ended June 30, 2017, TCI recorded three land sales; selling a total of 10.82 acres of land located in Texas to independent third parties for a total sales price of $1.6 million. We recorded an aggregate loss of less than $0.1 million from the land sales.

As of June 30, 2017, the Company has approximately 91 acres of land, at various locations that were sold to related parties in multiple transactions. These transactions are treated as “subject to sales contract” on the Consolidated Balance Sheets. Due to the related party nature of the transactions TCI has deferred the recording of the sales in accordance with ASC 360-20.

We continue to invest in the development of multifamily properties. During the six months ended June 30, 2017, we have disbursed $24.4 million related to the construction or predevelopment of various apartment complexes and capitalized $0.9 million of interest costs.