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Real Estate Activity (Tables)
 12 Months Ended
Dec. 31, 2024
Real Estate [Abstract]  
Schedule of the Real Estate Owned
At December 31, 2024 and 2023, our real estate investment is comprised of the following:
December 31,
20242023
Land$104,076 $104,156 
Building and improvements375,430 372,399 
Tenant improvements16,629 16,286 
Construction in progress140,046 76,110 
   Total cost636,181 568,951 
Less accumulated deprecation(78,793)(67,365)
Total real estate$557,388 $501,586 
Schedule of Gain (Loss) on Sale or Write-down of Assets
(Loss) gain on sale, remeasurement or write down of assets, net consists of the following:
For the Year Ended
December 31,
202420232022
Land(1)$1,095 $188 $4,752 
Residential properties(2)— — 83,758 
Commercial properties(3)— — 686 
Other(4)(1,684)(2,079)— 
$(589)$(1,891)$89,196 

(1)Includes the sale of lots related to our investment in Windmill Farms, Mercer Crossing and other land holdings.
(2)On January 14, 2022, we sold Toulon, a 240 unit multifamily property in Gautier, Mississippi for $26,750, resulting in a gain on sale of $9,364. We used the proceeds to pay off the $14,740 mortgage note payable on the property and for general corporate purposes.
On September 16, 2022, in connection with the sale of the VAA Sale Portfolio by VAA (See Note 10 - Investment in Unconsolidated Joint Ventures), we sold Sugar Mill Phase III, a 72 unit multifamily property in Baton Rouge, Louisiana for $11,800, resulting in a gain on sale of $1,871. We used the proceeds from the sale to pay off the $9,551 mortgage note payable on the property and for general corporate purposes.
On November 1, 2022, we acquired control of the VAA Holdback Portfolio from VAA (See Note 10 - Investment in Unconsolidated Joint Ventures), which resulted in a $73,187 gain on remeasurement of assets.
(3)On May 17, 2022, we sold Fruitland Park, a 6,722 square foot commercial building in Fruitland Park, Florida for $750, resulting in a gain on sale of $667. We used the proceeds from the sale for general corporate purposes.
(4)Includes write-off of development costs.