Real Estate Activity (Tables)

9 Months Ended

Sep. 30, 2022

Below is a summary of our real estate as of September 30, 2022 and December 31, 2021:


	September 30, 2022		December 31, 2021
Land	$	64,875	$	67,514
Building and improvements	184,117		219,327
Tenant improvements	25,460		21,364
Construction in progress	59,083		51,091
Total cost	333,535		359,296
Less accumulated depreciation	(63,374)		(62,933)
Total real estate	$	270,161	$	296,363

Schedule of Gain on Sale or Write-down of Assets, net

Gain on sale or write-down of assets, net for the three and nine months ended September 30, 2022 and 2021 consists of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Land(1)	$	—	$	4,042	$	4,752	$	15,153
Multifamily Properties(2)	1,539		—		11,142		10,147
Commercial Properties(3)	—		27,270		890		27,270
Other(4)	—		—		(204)		(29,600)
Total	$	1,539	$	31,312	$	16,580	$	22,970

(1)Includes the gain on 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 a sale of properties 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 to pay off the $9,551 mortgage note payable on the property and for general corporate purposes.

The 2021 amount is attributed to the gain from the sale of a 50% ownership interest in Overlook at Allensville Phase II to Macquarie in 2021 (See Note 10 – Investment in Unconsolidated Joint Ventures) and the gain on sales of various multifamily properties that had previously been deferred (See Note 15 – Deferred Income).

(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 for general corporate purposes.

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

(4)The 2021 amount represents the $29,600 loss on remeasurement of the Earn Out Obligation in connection with our investment in VAA (See Note 10 - Investment in Unconsolidated Joint Ventures).