
	December 31,
	2025		2024
Land	$	113,357	$	104,076
Building and improvements	500,292		375,430
Tenant improvements	20,388		16,629
Construction in progress	56,163		140,046
Total cost	690,200		636,181
Less accumulated deprecation	(87,769)		(78,793)


Total real estate	$	602,431	$	557,388

Windmill Farms is a collection of freshwater districts ("Districts") in Kaufman County Texas that is being developed into single family lots ("Lots"), multifamily properties and retail properties. In connection with the project, we develop the infrastructure in Windmill Farms, including roads, water and sewer, to facilitate the sale of 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 December 31, 2025, we have $55,693 in District Receivables included in other assets (See Note 11 – Other Assets) and $46,895 of 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 ("Development Projects"). Each Development Project is funded in part by a construction loan (See Note 12 – Mortgages and Other Notes Payable).


Project	Units	Location	Total Project Cost		Total Project Cost Incurred
Alera	240	Lake Wales, FL	$	55,330	$	55,394
Bandera Ridge	216	Temple, TX	49,603		48,082
Merano	216	McKinney, TX	51,910		48,971
Mountain Creek	234	Dallas, TX	49,971		9,268
	906		$	206,814	$	161,715

During the year ended December 31, 2025, we expended $68,995 in the construction of the Development Projects, which was funded in part by $63,781 in borrowing from our construction loans. As of December 31, 2025, we have substantially completed the construction of Alera, Bandera Ridge and Merano and transferred the costs associated with those projects to land and building improvements.


	For the Year Ended December 31,
	2025		2024		2023
Land(1)	$	4,720	$	1,095	$	188
Residential properties(2)	12,204		—		—

Other(3)	3,064		(25,084)		(2,111)
	$	19,988	$	(23,989)	$	(1,923)

(2)On October 10, 2025, we sold Villas at Bon Secour, a 200 unit multifamily property in Gulf Shores, Alabama for $28,000, resulting in a gain on sale of $12,204. We used the proceeds to pay off the $18,767 mortgage note payable on the property and for general corporate purposes.

(3)Includes the sale of our joint venture interest in Milano (See Note 10 - Investment in Unconsolidated Joint Ventures) and the write-off of development costs. 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.