Investment in Real Property

3 Months Ended

Mar. 31, 2022

Note 4 – Investment in Real Property

As of March 31, 2022 and December 31, 2021, we owned eight and nine properties or projects totaling $63.6 and $68.1 million, respectively.

Real property is classified as held for sale in the period when we commit to a plan and have the authority to sell the asset in its current condition, have initiated an active marketing plan to sell the asset at a price that is reflective of its current fair value and the sale of the asset is both probable and expected to qualify for full sales recognition within a period of 12 months. Real property, held for sale is held at the lower of cost or fair value less estimated costs to sell, which is evaluated on a quarterly basis. Real property that does not qualify as held for sale is classified as held for use. Once construction is complete, real property, held for use is depreciated using the straight-line method over the estimated useful life of the property and depreciation expense is no longer recorded once the real property is classified as held for sale. Costs related to acquisition, development, construction and improvements are capitalized to the extent the investment in the real property does not exceed the fair value less estimated costs to sell. Expenditures for repairs and maintenance are charged to expense when incurred.

The following tables provide information about the carrying value of our owned real property at the periods indicated:


(dollars in thousands)	At March 31, 2022		At December 31, 2021
Collateral Type
Condos	$	28,236	$	28,441
Offices		18,846		19,388
Townhomes		8,495		9,281
Single Family Housing		4,990		4,134
Retail		—		3,811
Residential Lots		3,019		3,012
Total	$	63,586	$	68,067


(dollars in thousands)	At March 31, 2022		At December 31, 2021
Held-for-sale	$	47,022	$	52,531
Held-for-use		16,564		15,536
Total	$	63,586	$	68,067