Real Estate Activity (Tables)

9 Months Ended

Sep. 30, 2021

Below is a summary of our real estate as of September 30, 2021 and December 31, 2020:


	September 30, 2021		December 31, 2020
Land	$	42,625	$	50,759
Building and improvements	225,375		297,644
Tenant improvements	21,364		30,935
Construction in progress	71,044		77,891
Total cost	360,408		457,229
Less accumulated deprecation	(60,725)		(82,418)
Total real estate, net	299,683		374,811
Property held for sale	332		2,572
Total real estate	$	300,015	$	377,383

Schedule Of Gain Loss On Sale Or Write-down Of Assets

The gain on sale or write-down of assets, net for the three and nine months ended September 30, 2021 and 2020 consist of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Land(1)	$	4,042	$	5,774	$	15,153	$	15,248
Multifamily Properties(2)	—		3,704		11,441		3,704
Commercial Properties(3)	27,270		4,609		27,270		4,609
Other(4)	—		1,238		(29,599)		1,241
	$	31,312	$	15,325	$	24,265	$	24,802

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

(2)Includes the gain from the sale of a 50% ownership interest in Overlook at Allensville Phase II (See Note 9 – Investment in Unconsolidated Joint Ventures) and the gain on the sale of various multifamily properties that had previously been deferred (See Note 14 – Deferred Income).

(3)On August 26, 2021, we sold 600 Las Colinas, a 512,173 square foot office building in Irving, Texas for $74,750, resulting in gain on sale of $27,270. We used the proceeds to pay down the mortgage note payable on the property (See 10 - Mortgages and Other Notes Payable) and for general corporate purposes. On May 1, 2020, we sold Villager Apartments, a 33 unit multifamily property 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 a $665 mortgage note payable on the property. On July 16, 2020, we sold Farnham Park Apartments, 144 unit multifamily property in Port Arthur, Texas for $13,300, resulting in a gain on the sale 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.

(4)Includes a $29,600 loss on the remeasurement of the Earn Out Obligation in connection with our investment in VAA (See Note 9 - Investment in Unconsolidated Joint Ventures).