REAL ESTATE INVESTMENTS

3 Months Ended

Mar. 31, 2018

note 4 – real estate investments


As of March 31, 2018	Residential		Commercial		Total
	(in thousands)
Land and land improvements	$	73,741	$	37,841	$	111,582
Building and improvements		461,817		163,092		624,909
Furniture, fixtures and equipment		25,447		1,466		26,913
Construction in progress		3,166		—		3,166
		564,171		202,399		766,570
Less accumulated depreciation		(79,772)		(36,009)		(115,781)
	$	484,399	$	166,390	$	650,789


As of December 31, 2017	Residential		Commercial		Total
	(in thousands)
Land and land improvements	$	73,109	$	37,841	$	110,950
Building and improvements		457,443		163,087		620,530
Furniture, fixtures and equipment		25,381		1,466		26,847
Construction in progress		1,376		—		1,376
		557,309		202,394		759,703
Less accumulated depreciation		(76,404)		(34,622)		(111,026)
	$	480,905	$	167,772	$	648,677

Construction in progress as of March 31, 2018 consists primarily of development and planning costs associated with phase III of a multifamily apartment community under construction in Bismarck, North Dakota and a project to rebuild a multifamily apartment building destroyed by fire in Omaha, Nebraska. Phase I and II of the Bismarck development are completed and Phase III is still in the planning stages and construction has not yet commenced. The Omaha project has commenced and will consist of one 18-unit building. We have a construction contract of $2,031 for the Omaha project, of which $749 has been completed to date, including $71 of retainage which is included in payables at March 31, 2018. The Omaha project is estimated to be substantially completed in the third quarter of 2018.