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Real Estate Activity (Tables) | 6 Months Ended
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Jun. 30, 2025
Real Estate [Abstract] |
Schedule of the Real Estate Owned | Below is a summary of our real estate as of June 30, 2025 and December 31, 2024:
| June 30, 2025 |  | December 31, 2024
Land | $ | 104,076 |  |  | $ | 104,076 |
Building and improvements | 375,689 |  |  | 375,430 |
Tenant improvements | 18,677 |  |  | 16,629 |
Construction in progress | 191,814 |  |  | 140,046 |
Total cost | 690,256 |  |  | 636,181 |
Less accumulated depreciation | (84,394) |  |  | (78,793) |
Total real estate | $ | 605,862 |  |  | $ | 557,388 |
Schedule of Construction Costs | The following is a summary of construction costs (dollars in thousands) incurred as of June 30, 2025:
Project |  | Units |  | Location |  | Total Project Cost |  | Costs Incurred |  | Expected Completion Date
Alera |  | 240 |  |  | Lake Wales, FL |  | $ | 55,330 |  |  | $ | 51,047 |  |  | December 2025
Bandera Ridge |  | 216 |  |  | Temple, TX |  | 49,603 |  |  | 44,045 |  |  | November 2025
Merano |  | 216 |  |  | McKinney, TX |  | 51,910 |  |  | 44,470 |  |  | November 2025
Mountain Creek |  | 234 |  |  | Dallas, TX |  | 49,971 |  |  | 5,171 |  |  | October 2026
|  | 906 |  |  |  | $ | 206,814 |  |  | $ | 144,733 |  |  |
Schedule of Gain Loss on Sale or Write-down of Assets | Gain on sale or write-down of assets, net for the three and six months ended June 30, 2025 and 2024 consists of the following:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Land (1) | $ | 947 |  |  | $ | — |  |  | $ | 4,092 |  |  | $ | — |
Other | — |  |  | — |  |  | 746 |  |  | — |
Total | $ | 947 |  |  | $ | — |  |  | $ | 4,838 |  |  | $ | — |
(1)Includes the gain on dispositions of land from our investment in Windmill Farms and other land holdings.

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- Definition Tabular disclosure of nonconsolidated investments in real estate including interests in corporations, partnerships and joint ventures. Disclosures may include summarized aggregate financial statements for the real estate investments. + References No definition available. + Details
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