REAL ESTATE

Real estate consisted of the following as of December 31:



($ in thousands)	2019			2018
Real estate development
Mountain Village	$	142,567		$	137,571
Centennial	104,491			100,311
Grapevine	34,813			31,175
Tejon Ranch Commerce Center	15,710			14,328
Real estate development	297,581			283,385

Real estate and improvements - held for lease, net
Tejon Ranch Commerce Center	21,435			21,327
Real estate and improvements - held for lease, net	21,435			21,327
Less accumulated depreciation	(2,761		)	(2,374		)
Real estate and improvements - held for lease, net	$	18,674		$	18,953