Real Estate Activity (Tables)

3 Months Ended

Mar. 31, 2023

Real Estate [Abstract]

Schedule of the Real Estate Owned

Below is a summary of our real estate as of March 31, 2023 and December 31, 2022:

	March 31, 2023		December 31, 2022
Land	$	119,203	$	108,933
Building and improvements	360,316		359,904
Tenant improvements	26,061		25,611
Construction in progress	66,351		65,427
Total cost	571,931		559,875
Less accumulated depreciation	(68,990)		(66,054)
Total real estate	$	502,941	$	493,821

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

Gain on sale or write-down of assets, net for the three months ended March 31, 2023 and 2022 consists of the following:

	Three Months Ended March 31,
	2023		2022
Land(1)	$	—	$	1,989
Multifamily Properties(2)	—		9,364
Commercial Properties	—		(205)
Total	$	—	$	11,148

(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.