v3.25.2
Real Estate Activity (Tables)
 6 Months Ended
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, 2025December 31, 2024
Land$104,076 $104,076 
Building and improvements375,689 375,430 
Tenant improvements18,677 16,629 
Construction in progress191,814 140,046 
   Total cost690,256 636,181 
Less accumulated depreciation(84,394)(78,793)
Total real estate$605,862 $557,388 
Construction Costs Incurred
The following is a summary of construction costs incurred as of June 30, 2025:
ProjectUnitsLocationTotal Project CostCosts IncurredExpected Completion Date
Alera240 Lake Wales, FL$55,330 $51,047 December 2025
Bandera Ridge216 Temple, TX49,603 44,045 November 2025
Merano216 McKinney, TX51,910 44,470 November 2025
Mountain Creek234 Dallas, TX49,971 5,171 October 2026
906$206,814 $144,733 
Schedule of Gain 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,
2025202420252024
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.