Real Estate Activity (Tables)

12 Months Ended

Dec. 31, 2025

At December 31, 2025 and 2024, our real estate investment is comprised of the following:


	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

Schedule of Construction Costs Incurred

The following is a summary of the total projected and incurred costs of the Development Projects as of December 31, 2025:


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

Schedule of Gain (Loss) on Real Estate Transactions

Gain (loss) on real estate transactions consists of the following:


	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)

(1)Includes the sale of lots related to our investment in Windmill Farms and other land holdings.

(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.