Held for Sale

In first quarter 2017, we sold all of our remaining owned mineral assets for approximately $85,700,000. We recognized $74,222,000 in total gains related to the sale of our mineral assets in first six months 2017 and will recognize a deferred gain of $8,200,000 in third quarter 2017 as a result of the expiration of the title review period.

In second quarter 2017, we sold approximately 19,000 acres of timberland and undeveloped land in Georgia and Texas for $46,197,000 in three transactions generating combined net proceeds of $44,771,000. We recognized combined gains of $28,049,000 and deferred a gain of $625,000 pending receipt of certain regulatory approvals and release of funds held in escrow.

At second quarter-end 2017, assets held for sale principally includes a multifamily site in Austin, central Texas groundwater assets, and nonparticipating royalty interests in water rights located in east Texas.

The major classes of assets and liabilities of the properties held for sale are as follows:



	Second Quarter-End		Year-End
	2017		2016
	(In thousands)
Assets Held for Sale:
Real estate	$	5,740	$	19,931
Timber	—		1,682
Other intangible assets ^(a)	1,681		1,681
Oil and gas properties and equipment, net	149		782
Property and equipment, net ^(b)	7,029		6,301
	$	14,599	$	30,377

Liabilities Held for Sale:
Other liabilities	—		103
	$	—	$	103

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^(a) Related to indefinite lived groundwater leases associated with our central Texas water assets.

^(b) Related to water wells associated with our Texas water assets.