| REAL ESTATE |
REAL ESTATE Our accumulated real estate development costs by project consisted of the following: | | | | | | | | | | | | | ($ in thousands) | March 31, 2026 | | December 31, 2025 | | Real estate development | | | | | Mountain Village | $ | 161,673 | | | $ | 161,388 | | | Centennial | 129,423 | | | 128,549 | | | Grapevine | 46,603 | | | 45,801 | | | Tejon Ranch Commerce Center | | | | | - Commercial | 21,655 | | | 20,829 | | | - Multifamily | — | | | — | | | Total Tejon Ranch Commerce Center | 21,655 | | | 20,829 | | | Real estate development | $ | 359,354 | | | $ | 356,567 | | | | | | | Real estate and improvements - held for lease | | | | | Tejon Ranch Commerce Center | | | | | - Commercial | $ | 20,644 | | | $ | 20,644 | | | - Multifamily | 64,199 | | | 64,170 | | | Real estate and improvements - held for lease, gross | 84,843 | | | 84,814 | | | Less accumulated depreciation | | | | | - Commercial | (4,760) | | | (4,677) | | | - Multifamily | (1,477) | | | (960) | | | Real estate and improvements - held for lease, net | $ | 78,606 | | | $ | 79,177 | |
The Terra Vista multifamily property was completed in phases during 2025, with three buildings delivered in May, three buildings delivered in July, and the final building delivered in October. As each phase was completed, the related assets were placed in service and reclassified from real estate development to real estate and improvements held for lease.
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