Real estate consisted of the following as of December 31: | | | | | | | | | | | | | | | | ($ in thousands) | | 2025 | | 2024 | | Real estate development | | | | | | Mountain Village | | $ | 161,388 | | | $ | 158,348 | | | Centennial | | 128,549 | | | 124,136 | | | Grapevine | | 45,801 | | | 42,456 | | | | | | | | Tejon Ranch Commerce Center | | | | | | - Commercial | | 20,829 | | | 23,724 | | | - Multifamily | | — | | | 29,241 | | | Total Tejon Ranch Commerce Center | | 20,829 | | | 52,965 | | | Real estate development | | $ | 356,567 | | | $ | 377,905 | | | | | | | | Real estate and improvements - held for lease, net | | | | | | Tejon Ranch Commerce Center | | | | | | - Commercial | | $ | 20,644 | | | $ | 20,596 | | | - Multifamily | | 64,170 | | | — | | | Real estate and improvements - held for lease, gross | | 84,814 | | | 20,596 | | | Less accumulated depreciation | | | | | | - Commercial | | (4,677) | | | (4,343) | | | - Multifamily | | (960) | | | — | | | Real estate and improvements - held for lease, net | | $ | 79,177 | | | $ | 16,253 | |
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