Real Estate Properties (Tables)

9 Months Ended

Sep. 30, 2019

Real Estate [Abstract]

Summary of real estate properties owned

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

Summary of the allocation of purchase price

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