Real Estate Activity

3 Months Ended

Mar. 31, 2023

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.