REAL ESTATE

12 Months Ended

Dec. 31, 2025

Real estate consisted of the following as of December 31:


($ in thousands)	2025		2024
Real estate development
Mountain Village	$	161,388	$	158,348
Centennial	128,549		124,136
Grapevine	45,801		42,456

Tejon Ranch Commerce Center
- Commercial	20,829		23,724
- Multifamily	—		29,241
Total Tejon Ranch Commerce Center	20,829		52,965
Real estate development	$	356,567	$	377,905

Real estate and improvements - held for lease, net
Tejon Ranch Commerce Center
- Commercial	$	20,644	$	20,596
- Multifamily	64,170		—
Real estate and improvements - held for lease, gross	84,814		20,596
Less accumulated depreciation
- Commercial	(4,677)		(4,343)
- Multifamily	(960)		—
Real estate and improvements - held for lease, net	$	79,177	$	16,253

The Terra Vista multifamily property was completed in phases during 2025, with three buildings delivered in May, three buildings delivered in July, and the final building delivered in October. As each phase was completed, the related assets were placed in service and reclassified from real estate development to real estate and improvements held for lease.