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Real Estate Activity | 9 Months Ended
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Sep. 30, 2025
Real Estate [Abstract] |
Real Estate Activity | Real Estate Activity Below is a summary of our real estate as of September 30, 2025 and December 31, 2024:
| September 30, 2025 |  | December 31, 2024
Land | $ | 104,316 |  |  | $ | 104,076 |
Building and improvements | 375,822 |  |  | 375,430 |
Tenant improvements | 20,136 |  |  | 16,629 |
Construction in progress | 198,985 |  |  | 140,046 |
Total cost | 699,259 |  |  | 636,181 |
Less accumulated depreciation | (87,150) |  |  | (78,793) |
Total real estate | $ | 612,109 |  |  | $ | 557,388 |
We incurred depreciation expense of $2,756 and $2,966 for the three months ended September 30, 2025 and 2024, respectively, $8,357 and $8,970 for the nine months ended September 30, 2025 and 2024, respectively. Construction Activities Construction in progress consists of the development of Windmill Farms and the costs associated with our ground-up development projects. Windmill Farms is a collection of freshwater districts ("Districts") in Kaufman County Texas that is being developed into single family lots, multifamily properties and retail properties. In connection with the project, we develop the infrastructure in Windmill Farms in order for the land to appreciate and to sell land units (“lots”) to home builders for construction of single family homes. We receive reimbursement of the infrastructure costs ("District Receivables") through the issuance of municipal bonds by the Districts. As of September 30, 2025, we have $55,657 in District Receivables included in other assets (See Note 11 – Other Assets) and $47,066 of land lot development costs included in construction in progress. We have entered into several development agreements with Pillar (See Note 13 – Related Party Transactions) to develop multifamily properties. Each of these development projects is being funded in part by a construction loan (See Note 12 – Mortgages and Other Notes Payable). The following is a summary of construction costs incurred as of September 30, 2025:
Project |  | Units |  | Location |  | Total Project Cost |  | Costs Incurred |  | Expected Completion Date
Alera |  | 240 |  |  | Lake Wales, FL |  | $ | 55,330 |  |  | $ | 53,292 |  |  | December 2025
Bandera Ridge |  | 216 |  |  | Temple, TX |  | 49,603 |  |  | 45,232 |  |  | November 2025
Merano |  | 216 |  |  | McKinney, TX |  | 51,910 |  |  | 47,577 |  |  | November 2025
Mountain Creek |  | 234 |  |  | Dallas, TX |  | 49,971 |  |  | 5,818 |  |  | June 2027
|  | 906 |  |  |  | $ | 206,814 |  |  | $ | 151,919 |  |  |
Gain (loss) on real estate transactions Gain (loss) on real estate transactions for the three and nine months ended September 30, 2025 and 2024 consists of the following:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Land (1) | $ | 755 |  |  | $ | — |  |  | $ | 4,847 |  |  | $ | — |
Other (2) | — |  |  | (23,400) |  |  | 746 |  |  | (23,400) |
Total | $ | 755 |  |  | $ | (23,400) |  |  | $ | 5,593 |  |  | $ | (23,400) |
(1)Includes the gain on dispositions of land from our investment in Windmill Farms and other land holdings. (2)On October 31, 2024, we paid $23,400 to resolve all claims and disputes with David Clapper and entities related to Mr. Clapper (collectively, “Clapper"). These claims originally involved a transaction in 1998 in which we were to acquire eight multifamily properties from Clapper. We accrued the settlement during the three and nine months ended September 30, 2024.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: 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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