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Real Estate Activity | 3 Months Ended
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Mar. 31, 2023
Real Estate [Abstract] |
Real Estate Activity | Real Estate Activity Below is a summary of our real estate as of March 31, 2023 and December 31, 2022:
| March 31, 2023 |  | December 31, 2022
Land | $ | 119,203 |  |  | $ | 108,933 |
Building and improvements | 360,316 |  |  | 359,904 |
Tenant improvements | 26,061 |  |  | 25,611 |
Construction in progress | 66,351 |  |  | 65,427 |
Total cost | 571,931 |  |  | 559,875 |
Less accumulated depreciation | (68,990) |  |  | (66,054) |
Total real estate | $ | 502,941 |  |  | $ | 493,821 |
On March 15, 2023, we entered into a development agreement with Pillar to build a 240 unit multifamily property in Lake Wales, Florida that is expected to be completed in 2025 for a total cost of approximately $55,330. The cost of construction will be funded in part by a $33,000 construction loan (See Note 12 - Mortgages and Other Notes Payable). The development agreement provides for a $1,637 fee that will be paid over the construction period. As of March 31, 2023, we have incurred a total of $10,140 in development costs. Gain on sale or write-down of assets, net for the three months ended March 31, 2023 and 2022 consists of the following:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
Land(1) |  |  |  |  | $ | — |  |  | $ | 1,989 |
Multifamily Properties(2) |  |  |  |  | — |  |  | 9,364 |
Commercial Properties(3) |  |  |  |  | — |  |  | (205) |
Other(4) |  |  |  |  | — |  |  | — |
|  |  |  |  | $ | — |  |  | $ | 11,148 |
(1)Includes the gain on the 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 a 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.

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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 https://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 https://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 https://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 https://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 https://asc.fasb.org/topic&trid=2134617 + Details
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