Real Estate Activity

12 Months Ended

Dec. 31, 2021

At December 31, 2021 and 2020, our real estate investment is comprised of the following:


	December 31,
	2021		2020
Land	$	67,348	$	78,755
Building and improvements	219,327		297,644
Tenant improvements	21,364		30,935
Construction in progress	51,091		49,895
Total cost	359,130		457,229
Less accumulated deprecation	(62,933)		(82,418)
Total real estate, net	296,197		374,811
Property held for sale	166		2,572
Total real estate	$	296,363	$	377,383

Our property held for sale consists of land parcels at Mercer Crossing that are currently under contract for sale and our construction in progress consists of development of Windmill Farms.

Gain on sale or write-down of assets, net consists of the following:


	For the Year Ended December 31,
	2021		2020		2019
Land(1)	$	16,645	$	23,383	$	14,889
Residential properties(2)	9,110		3,702		(80)
Commercial properties(3)	27,196		4,610		—
Other(4)	(29,599)		412		—
	$	23,352	$	32,107	$	14,809

(1)Includes the gain sale of lots related to our investment in Windmill Farms, Mercer Crossing and other land holdings.

(2)Includes the gain from the sale of a 50% ownership interest in Overlook at Allensville Phase II (See Note 9 – Investment in Unconsolidated Joint Ventures) and the gains on the sale of various multifamily properties that had previously been deferred (See Note 16 – Deferred Income).

(3)On August 26, 2021, we sold 600 Las Colinas, a 512,173 square foot office building in Irving, Texas for $74,750, resulting in gain on sale of $27,270. We used the proceeds to pay down the mortgage note payable on the property (See Note 10 - Mortgages and Other Notes Payable) and for general corporate purposes.

On May 1, 2020, we sold Villager, a 33 unit multifamily property in Fort Walton, Florida for $2,426, resulting in a gain on sale of $898. The sales price was funded by the issuance of a $1,761 note receivable and the assumption of a $665 mortgage note payable on the property. On July 16, 2020, we sold Farnham Park, a 144 unit multifamily property in Port Arthur, Texas for $13,300, resulting in a gain on sale of $2,684. The sales price was funded by cash payment of $4,215 and the assumption of the $9,085 mortgage note payable on the property.

(4)Includes a $29,600 loss on the remeasurement of the Earn Out Obligation in connection with our investment in VAA (See Note 9 - Investment in Unconsolidated Joint Ventures).