REAL ESTATE ACTIVITY

3 Months Ended

Mar. 31, 2017

Real Estate [Abstract]

REAL ESTATE ACTIVITY

NOTE 2. REAL ESTATE ACTIVITY

Below is a summary of the real estate owned as of March 31, 2017 (dollars in thousands):

Apartments	$	698,344
Apartments under construction		40,134
Commercial properties		205,751
Land held for development		71,562
Real estate subject to sales contract		46,360
Total real estate	$	1,062,151
Less accumulated depreciation		(160,269	)
Total real estate, net of depreciation	$	901,882

The highlights of our significant real estate transactions for the three months ended March 31, 2017, are listed below:

Purchases

For the three months ended March 31, 2017, we acquired two land parcels for development for a total purchase price of $6.4 million, adding 11.12 acres to the development portfolio.

Sales

For the three months ended March 31, 2017, TCI sold 2.49 acres of land located in Farmers Branch, Texas to an independent third party for a total sales price of $1.1 million. We recorded an aggregate gain of $0.4 million from the land sale.

As of March 31, 2017, the Company has approximately 91 acres of land, at various locations that were sold to related parties in multiple transactions. These transactions are treated as “subject to sales contract” on the Consolidated Balance Sheets. Due to the related party nature of the transactions TCI has deferred the recording of the sales in accordance with ASC 360-20.

We continue to invest in the development of apartment projects. During the three months ended March 31, 2017, we have expended $8.4 million related to the construction or predevelopment of various apartment complexes and capitalized $0.2 million of interest costs.