As of June 30, 2022 and December 31, 2021, we owned ten and nine properties or projects totaling $93.2 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 and impairment is recorded if the total cost exceeds the fair value less estimated costs to sell. Expenditures for repairs and maintenance are charged to expense when incurred.

In April 2022, the Company executed an agreement with an unrelated party to sell a real property with a carrying value of $28.4 million for a sales price of $29.0 million. As part of the sale, the Company executed a promissory note with the purchaser in the principal amount of $25.9 million. This seller-financed sale of real property was evaluated for derecognition of the transferred assets and income recognition based on whether a sales contract existed and effective control was transferred to the purchaser and it was determined that the transaction met all of the criterion to be recognized as a sale.

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


(dollars in thousands)	June 30, 2022		December 31, 2021
Collateral Type
Senior Housing	$	51,402	$	—
Offices		18,408		19,388
Townhomes		8,495		9,281
Single Family Housing		6,428		4,134
Apartments		5,448		—
Residential Lots		3,029		3,012
Condos		—		28,441
Retail		—		3,811
Total	$	93,210	$	68,067


(dollars in thousands)	June 30, 2022		December 31, 2021
Held for sale	$	75,637	$	52,531
Held for use		17,573		15,536
Total	$	93,210	$	68,067