Real Estate Activity

6 Months Ended

Jun. 30, 2023

Below is a summary of our real estate as of June 30, 2023 and December 31, 2022:


	June 30, 2023		December 31, 2022
Land	$	108,993	$	108,933
Building and improvements	370,854		359,904
Tenant improvements	26,435		25,611
Construction in progress	66,999		65,427
Total cost	573,281		559,875
Less accumulated depreciation	(72,019)		(66,054)
Total real estate	$	501,262	$	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 to Pillar over the construction period. As of June 30, 2023, we have incurred a total of $10,823 in development costs.

Gain on sale or write-down of assets, net for the three and six months ended June 30, 2023 and 2022 consists of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Land(1)	$	188	$	2,763	$	188	$	4,752
Multifamily Properties(2)	—		—		—		9,603
Commercial Properties	—		890		—		890
Other	—		240		—		(204)
	$	188	$	3,893	$	188	$	15,041

(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.