Real Estate Properties

9 Months Ended

Sep. 30, 2019

Real estate properties consist of the following (dollars in thousands):


	September 30, 2019		December 31, 2018
Land	$	157,252	$	155,573
Building	1,025,689		924,378
Building improvements	47,489		41,003
Real estate properties	1,230,430		1,120,954
Accumulated depreciation	(117,534)		(91,715)
Total real estate properties, net	$	1,112,896	$	1,029,239

A summary of real estate properties owned is as follows (dollars in thousands):


	December 31, 2018 Balance		Additions		Capitalized Costs and Improvements		Depreciation		Sales		September 30, 2019 Balance
Multi-family	$	964,320	$	110,710	$	10,004	$	(29,286)	$	(22,722)	$	1,033,026
Multi-family lease-up -West Nashville, TN	54,555		—		15,579		(541)		—		69,593
Land - Daytona, FL	8,021		—		—		—		—		8,021
Shopping centers/Retail - Yonkers, NY	2,343		—		—		(87)		—		2,256
Total real estate properties	$	1,029,239	$	110,710	$	25,583	$	(29,914)	$	(22,722)	$	1,112,896

The following table summarizes the allocation of the purchase price with respect to three properties purchased during the nine months ended September 30, 2019 (dollars in thousands):


	Allocation of Purchase Price
Land	$	6,703
Building and improvements	102,693
Acquisition-related intangible assets	1,314
Total consideration	$	110,710

The purchase price of the properties acquired, inclusive of acquisition costs, was allocated to the acquired assets based on their estimated relative fair values on the acquisition date.