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Real Estate Activity | 9 Months Ended
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Sep. 30, 2023
Real Estate [Abstract] |
Real Estate Activity | Real Estate Activity Below is a summary of our real estate as of September 30, 2023 and December 31, 2022:
| September 30, 2023 |  | December 31, 2022
Land | $ | 108,993 |  |  | $ | 108,933 |
Building and improvements | 371,973 |  |  | 359,904 |
Tenant improvements | 17,463 |  |  | 25,611 |
Construction in progress | 68,512 |  |  | 65,427 |
Total cost | 566,941 |  |  | 559,875 |
Less accumulated depreciation | (64,910) |  |  | (66,054) |
Total real estate | $ | 502,031 |  |  | $ | 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 September 30, 2023, we have incurred a total of $12,337 in development costs, including $334 in development fees. Gain on sale or write-down of assets, net for the three and nine months ended September 30, 2023 and 2022 consists of the following:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Land(1) | $ | — |  |  | $ | — |  |  | $ | 188 |  |  | $ | 4,752 |
Multifamily Properties(2) | — |  |  | 1,539 |  |  | — |  |  | 11,142 |
Commercial Properties(3) | — |  |  | — |  |  | — |  |  | 890 |
Other | (32) |  |  | — |  |  | (32) |  |  | (204) |
| $ | (32) |  |  | $ | 1,539 |  |  | $ | 156 |  |  | $ | 16,580 |
(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. On September 16, 2022, in connection with a sale of properties by VAA (See Note 10 - Investment in Unconsolidated Joint Ventures), we sold Sugar Mill Phase III, a 72 unit multifamily property in Baton Rouge, Louisiana for $11,800, resulting in a gain on sale of $1,871. We used the proceeds to pay off the $9,551 mortgage note payable on the property and for general corporate purposes. (3) On May 17, 2022, we sold Fruitland Park, a 6,722 square foot commercial building in Fruitland Park, Florida for $750, resulting in a gain on sale of $667. We used the proceeds 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 -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//976/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//978/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//970/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//972/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//974/tableOfContent + Details
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