| Schedule of 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 | |
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