Real Estate Activity

9 Months Ended

Sep. 30, 2020

Real Estate [Abstract]

Real Estate Activity

7. Real Estate Activity

Below is a summary of the real estate owned as of September 30, 2020 and December 31, 2019:

	September 30,			December 31,
	2020			2019
Land	$	50,759		$	49,887
Building and improvements		297,068			286,280
Tenant improvements		49,423			49,431
Construction in progress		77,116			84,399
		474,366			469,997
Less accumulated deprecation		(97,883	)		(90,173	)
		376,483			379,824
Property held for sale		4,232			7,966
Total	$	380,715		$	387,790

The gain (loss) on sale or write-down of assets, net for the three and nine months ended September 30, 2020 and 2019 consist of the following:

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2020			2019		2020			2019
Land(1)	$	5,774		$	5,140	$	15,248		$	9,489
Residential Properties(2)		3,704			—		3,704			(80	)
Commercial Properties(3)		4,609			—		4,609			—
Other(4)		(1,759	)		—		(1,759	)		—
Total	$	12,328		$	5,140	$	21,802		$	9,409

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

(2) On September 14, 2020, we sold Bridgeview Plaza, a 122,205 square foot retail center in La Crosse, Wisconsin for $5,250, resulting in a gain on sale of $4,744. The proceeds from the sale were used to pay off the $3,375 mortgage note payable on the property (See Note 10 – Mortgages and Notes Payable) and for general corporate purposes.

(3) On May 1, 2020, we sold Villager Apartments, a 33 unit multifamily apartment community in Pensacola, 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 the $665 mortgage note payable on the property (See Note 10 – Mortgages and Notes Payable). On July 16, 2020, we sold Farnham Park Apartments, a 144 unit multifamily apartment community in Port Arthur, Texas for $13,300, resulting in a gain on the sale of 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 (See Note 10 – Mortgages and Notes Payable).

(4) Includes the write-off of development costs.