Real Estate Activity (Tables)

9 Months Ended

Sep. 30, 2023

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

Schedule of Gain Loss on Sale or Write-down of Assets

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.