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Real Estate Activity | 3 Months Ended
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Mar. 31, 2022
Real Estate [Abstract] |
Real Estate Activity | Real Estate Activity Below is a summary of our real estate as of March 31, 2022 and December 31, 2021:
| March 31, 2022 |  | December 31, 2021
Land | $ | 65,622 |  |  | $ | 67,514 |
Building and improvements | 200,942 |  |  | 219,327 |
Tenant improvements | 25,099 |  |  | 21,364 |
Construction in progress | 52,591 |  |  | 51,091 |
Total cost | 344,254 |  |  | 359,296 |
Less accumulated deprecation | (59,774) |  |  | (62,933) |
Total real estate | $ | 284,480 |  |  | $ | 296,363 |
Our construction in progress represents our investment in Windmill Farms. Our gain on sale or write-down of assets, net for the three months ended March 31, 2022 and 2021 consist of the following:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2022 |  | 2021
Land(1) |  |  |  |  | $ | 1,989 |  |  | $ | 5,957 |
Multifamily Properties(2) |  |  |  |  | 9,364 |  |  | 11,441 |
Commercial Properties |  |  |  |  | (205) |  |  | — |
|  |  |  |  | $ | 11,148 |  |  | $ | 17,398 |
(1)Includes the gain on sale of lots related to our investment in Windmill Farms, Mercer Crossing and other land holdings. (2)On January 14, 2022, we sold Toulon, a 240 unit multifamily property in Gautier, Mississippi for $26,750, resulting in gain on sale of $9,364. We used the proceeds to pay off the $14,740 mortgage note payable on the property and for general corporate purposes. The 2021 amount is attributed to the gain from the sale of a 50% ownership interest in Overlook at Allensville Phase II (See Note 10 – Investment in Unconsolidated Joint Ventures) and the gain on the sale of various multifamily properties that had previously been deferred (See Note 15 – Deferred Income).

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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