Real Estate and Tangible Water Assets

3 Months Ended

Mar. 31, 2016

The costs assigned to the various components of real estate and tangible water assets were as follows (in thousands):



	March 31, 2016		December 31, 2015
Real estate and improvements held and used, net of accumulated depreciation of $11,948 and $11,778 at March 31, 2016 and December 31, 2015, respectively	$	9,525	$	9,694
Residential real estate and home construction inventories	372,612		362,056
Other real estate inventories completed or under development	9,971		9,971
Tangible water assets	42,511		42,514
Total real estate and tangible water assets	$	434,619	$	424,235

Impairment Losses for the Three Months Ended March 31, 2016:

There were no impairment losses recognized on real estate and tangible water assets during the three months ended March 31, 2016.

Impairment Losses for the Year Ended December 31, 2015:

During the year ended December 31, 2015, the Company recorded an impairment loss of $923,000 on real estate located in Kern County, California, reducing the carrying value to $6 million. The loss was reported in the condensed consolidated statements of operations and comprehensive income or loss within impairment loss on intangible and long-lived assets and was included in the results of operations of the real estate operations segment.

During the year ended December 31, 2015, the Company accepted an offer for $3.4 million for real estate owned near Fresno, California. As a result, an impairment loss of $274,000 was recorded that reduced the carrying value of the real estate to the offer price. The loss was reported in the condensed consolidated statements of operations and comprehensive income or loss within impairment loss on intangible and long-lived assets and was included in the results of operations of the real estate operations segment.