REAL ESTATE ACTIVITY

3 Months Ended

Mar. 31, 2018

Real Estate [Abstract]

REAL ESTATE ACTIVITY

NOTE 2. REAL ESTATE ACTIVITY

Below is a summary of the real estate owned as of March 31, 2018 (dollars in thousands):

Apartments	$	718,373
Apartments under construction		124,272
Commercial properties		201,436
Land held for development		67,265
Real estate subject to sales contract		45,739
Total real estate	$	1,157,085
Less accumulated depreciation		(179,100	)
Total real estate, net of depreciation	$	977,985

The highlights of our significant real estate transactions for the three months ended March 31, 2018, are listed below:

Sales

For the three months ended March 31, 2018, TCI sold 62 acres of land to an independent third party for a total sales price of $3.0 million. We recorded an aggregate gain of $1.3 million from the land sale. In addition, the Company sold six income-producing properties to a related party for an aggregate purchase price of $8.5 million, out of which, $2.1 million was received in cash and $6.4 million in note receivables. No gain or loss was recorded from the sale of income-producing properties.

As of March 31, 2018, the Company has approximately 67 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, 2018, we have expended $20.1 million related to the construction or predevelopment of various apartment complexes and capitalized $0.9 million of interest costs.